Alibaba Group is the parent company behind Alibaba.com, an online marketplace for small businesses, Taobao, a shopping site for consumers, as well as Alipay, an online payment service.

BBC: Alibaba appoints Jonathan Lu Zhaoxi as chief executive

Tencent found this out years ago, and now Alipay and its online payment brethren are going through the same process.

FORBES: China Seeks To Rein In Online Payment Services

WeiboPay is expected to compete with other similar services such as Alipay, a popular online payment tool provided by Alibaba.

FORBES: WeiboPay Helps Sina Reach $57 With Foray Into China's Online Payments Market