Date
24 September 2017

Baidu to launch mobile payment tool this week

Baidu Inc., China’s biggest web search company, will launch a mobile payment tool this week, following in the footsteps of rivals Alibaba Group and Tencent Holdings (00007.HK), the Economic Information Daily reported Monday, citing the company. The company will build “Baidu Qianbao” into a one-stop service platform for customers along the lines of Alibaba’s Alipay, the report said. China’s internet giants have invested heavily in online payment services as China heads to being the world’s largest online retail economy. Baidu’s mobile internet applications have more than 2 billion users, and the huge traffic is expected to generate fat revenues once users plug into mobile payment apps, the report said.

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