- Baidu Wallet (BIDU +1.1%) offers a smorgasbord of mobile payments services to consumers willing to link their bank accounts to the app. Among them: P2P and virtual goods payments, the ability to add SIM card credit, and the ability to make payments to vendors supporting Baidu's Baifubao payments platform.
- The product is aimed squarely at Alibaba's dominant Alipay platform, which handled over $150B in 2013 transactions and claims 300M+ registered users (100M+ mobile).
- Unsurprisingly (given the rivalry between the three companies), Tencent also competes in this space: It added a payments solution to its WeChat mobile messaging platform in 2011, and recently opened it up to 3rd-party merchants.
- Baidu launched a wealth management platform last October (Alibaba and Tencent have rival offerings), and applied for a banking license in March. At the same time, China's central bank (perhaps at the prodding of state-owned banks) is thinking of placing curbs on the ability of Internet giants to handle offline transactions.
at Zacks.com (Nov 18, 2014)