Two high-tech firms partnering to serve booming digital merchant market
Tech firms Huifu and Weimob have established a strategic partnership on integrating payments and digital marketing for the rapidly increasing number of small- and medium-sized digital merchants.
The Smart Payment Service of Shanghai-based digital marketing firm Weimob and Shanghai-based payment firm Huifu, is expected to cover the full range of capital, marketing and data management needs of digital merchants, especially SMEs.
The partnership of the two firms, both listed in Hong Kong, covers a technology, platform, marketing, operation and maintenance and finance.
Weimob, with 2.8 million digital merchants, offers cloud services in marketing and sales. The number of online merchants, selling everything from diet food, to milk powder and tea, is booming in China.
Through the digital payment capabilities offered by Huifu, Weimob’s clients can have more convenient and secure payment processing services.
Both sides create a “complete smart business ecosystem,” said Sun Taoyong, chairman and CEO of Weimob.
Based on the integrated service, digital SME merchants can build a more “complete capital loop,” said Zhou Ye, chairman of Huifu.
In 2018, Huifu’s payment transaction value hit 1.8 trillion yuan (US$260 billion) — 58 percent year on year.
Its SME client user base hit 8.3 million by the end of 2018, compared with 5.8 million a year earlier.