Chinese internet company Sina's (Nasdaq: SINA) online payment platform SinaPay has changed its name to "Weibo Qianbao" ("WeiboPay," literally "Weibo Wallet"), according to Marbridge Consulting.

WeiboPay is China's first socially enabled online wallet: all users of Sina's Weibo microblogging platform automatically have WeiboPay accounts.

A spokesperson for WeiboPay said that the company hopes to provide a more convenient way for Weibo users to conduct business online, and for developers to charge users for their products and services.