Baidu, China’s leading search engine, is to launch a mobile wallet application to compete with rival internet companies Tencent and Alibaba in the fast growing mobile payments industry.
The search engine has consistently lagged behind the two other main Chinese internet operators in the mobile payments market – an industry that recorded revenues of Rmb1.2tn ($194bn) in 2013, according to iResearch, a Beijing-based internet consultancy. That represented an eightfold increase over 2012.
Alipay, the online payment arm of Alibaba Group, handled 72 per cent of the online payment market in the third quarter of 2013, according to iResearch. Rivals Tencent and Baidu barely rate on this scale.
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