According to China Web 2.0 Review, Baidu is expected to launch its own online payment service soon. The service, which is to be called Baifubao, will compliment its C2C platform which is currently being tested. The online payment market in China is dominated by Alibaba’s Alipay which holds approximately 51% of the market. Tencent’s Tenpay and China UnionPay’s 99Bill are the other key competitors. The Alibaba Group claims that Alipay has over 80 million registered users and the daily transaction value is US$51 million. Alipay extended its service in August this year launching a WAP version which enables users to complete transactions on their mobile phones and last year Alipay partnered with Philliou Selwanes Partners (PSP) facilitate entry into the U.S. market.
Source: China Web 2.0 Review
BIIA Newsletter September 2008 Issue