Tencent Tech, 3/07/14
Beijing-based B2C e-commerce platform JD.com (Jingdong) re-launched its online and mobile payment service today, "Chinabank Wallet" ("Wangyin Qianbao"), stating that the company plans to consolidate all user payments, consumer loans, and investment services onto the platform. A mobile version of Chinabank Wallet is set for release on March 18.
Chinabank Wallet will also support offline payment, beginning with the release of China Bank POS terminals for use by Jingdong's logistics staff to accept payment.
Liu Changhong, director of financial development at Jingdong, has revealed that the company will launch a new financial product on March 11, "Xiao Jinku," offering fund sales to users. After transferring funds into Xiao Jinku, users will have options to purchase related financial products, with two money market products initially offered, managed by Harvest Fund Management and Penghua Fund Management, respectively.
According to Liu, Jingdong's financial platform will soon offer a wide variety of products that will include not only fund sales, but also credit services, personal loans, insurance, and financial management solutions.
Editor's Note: For more information on this topic, please see "Rumor: Jingdong's Chinabank to Resume Payment Services," MD 12/10/13 issue.