24 May 2015

Chinese Web giant Baidu launches mobile wallet

17 April 2014  |  4827 views  |  0 Chinese flag

Search engine provider Baidu has become the latest Chinese Web firm to move into the mobile money arena, launching a payments and wealth management wallet.

In a country with more than 500 million smartphones mobile payment transactions hit $1.6 trillion last year, according to government figures.

Web outfits Tencent and Alibaba both launched mobile wallets last year, joining banks and telcos vying for a chunk of the market.

Alibaba has traditionally led the way in online payments in China through its Alipay arm but Tencent is viewed as well placed to take advantage of the mobile rush thanks to its WeChat messenger service.

Baidu has now entered the fray with a wallet that lets customers make person-to-person money transfers and retail purchases at merchants that accept its Baifubao third-party payment tool. Users also get access to wealth management services.

While the move by Internet firms into financial services has proved hugely popular with consumers, it has also recently attracted the attention of China's central bank, which last month banned virtual credit cards launched by Alibaba and Tencent.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

07 March, 2014
18 December, 2013
12 December, 2013
15 July, 2013
16 April, 2013
25 April, 2012

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
6708 views comments | 48 tweets | 31 linkedin
MasterCard launches personal payments serv...
5871 views comments | 15 tweets | 27 linkedin
UK opts out of European online payments se...
5748 views comments | 18 tweets | 15 linkedin
US banks bid to crack down on 'card cracki...
5527 views comments | 8 tweets | 10 linkedin
Metro Bank to offer consumer loans via Zop...
4692 views comments | 29 tweets | 20 linkedin

Featured job

to £100K base, 200K ote, stock options, benefits
London, UK

Find your next job