GO
Loading...

China's Baidu launches mobile payment app

Brent Lewin | Bloomberg | Getty Images

Baidu, China's leading internet search provider, has launched a mobile payment and wealth management platform after its main domestic rivals launched similar products.

Alibaba Group, through its mobile payment arm, Alipay, launched Alipay Wallet in January 2013, which included a money-market investment product, Yu'e Bao, marketed as a high-yielding substitute for traditional bank deposits.

Tencent followed in August with WeChat Payment, a payment and investment platform linked to its popular WeChat mobile messaging app.

Read MoreBaidu: Growth opportunity or profit problem?

Baidu offers a variety of wealth management products, but the new Baidu Wallet app will add a mobile payment function, giving its investors more options for the use of funds.

Traditional banks, fearing the outflow of low-cost deposit funding into online money-market products, have also started rolling out their own money-market products in recent months.

Contact Technology

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Squawk Alley