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April 16, 2014updated 04 Apr 2017 4:07pm

China’s Baidu launches mobile wallet

Baidu, a Chinese web services company best known for its search engine, has officially launched its mobile wallet application, Baidu Wallet.

By Sebastian Whale

Baidu, a Chinese web services company best known for its search engine, has officially launched its mobile wallet application, Baidu Wallet.

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The Wallet will link banking cards to the app, allowing users to transfer money, top up their SIM cards, pay for virtual goods and purchase movie tickets.

The app will also allow users to buy goods from vendors that accept Baifubao, Baidu’s third-party payment service.

The announcement comes after Baidu’s main domestic rivals launched similar mobile payment platforms last year.

In January 2013, Alibaba Group launched its Alipay Wallet through its mobile payment arm, Alipay.

The wallet included a money-market investment product named Yu’e Bao, which was marketed as a high-yielding substitute for traditional bank deposits.

Alibaba’s Alipay processed over $150bn in transaction volume in 2013.

In August of 2013, another rival of Baidu, Tencent, launched their WeChat Payment, a payment and investment platform linked to its WeChat mobile messaging app.

In total, Chinese mobile payments reached CNY9.64tr ($1.6tr) in transactions during 2013, according to government studies.

 

Related to:

PBOC may amend proposed caps on mobile payments

Online retailer and payment giant Alibaba to float on US stock market

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 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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