Baidu, a Chinese web services company best known for its search engine, has officially launched its mobile wallet application, Baidu Wallet.
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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAlibaba’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
