09 October 2015

Chinese Web giant Baidu launches mobile wallet

17 April 2014  |  4937 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
European Parliament rubberstamps Payment S...
6749 views comments | 36 tweets | 43 linkedin
Faster Payments eases access for challenge...
4896 views comments | 20 tweets | 25 linkedin
Chinese hackers breach LoopPay
4542 views comments | 8 tweets | 6 linkedin
Retail security bashing lobby group ABA ad...
4521 views comments | 17 tweets | 8 linkedin
From biometrics to one-time passcodes, Mas...
4341 views comments | 12 tweets | 18 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job