Tencent puts payment app on WeChat

Tencent Holdings Ltd is introducing a payment service to the company's popular instant messaging service WeChat. It's also the latest attempt for Tencent to commercialize the application and compete with e-commerce giant Alibaba Group Holding Ltd.

"We are convinced of the need to bring payment services to wireless platforms," said Martin Lau, president of Tencent. "Although some apps are free of charge for users, the large traffic these products bring in will enable us to sell advertisement slots, an alternative way for us to make a profit."

The Internet giant, based in Shenzhen, Guangdong province, will introduce online and offline payment services to an upcoming version of WeChat, it said.