When Baidu announced its C2C ecommerce platform in last year, many people were speculating whether Baidu will develop its own online payment service or use/acquire an existing one in the market. Now it turns out that Baidu will develop one. Its online payment service, Baifubao, will be launched soon. So does its C2C platform, which is under private pilot test already.
China’s online payment market is dominated by Alipay, under Alibaba Group. According to iResearch, in second quarter of this year, Alipay took about 51% share of online payment market in China, followed by Tenpay, an online payment service by Tencent, China UnionPay’s online payment service and 99Bill.
According to Alipay, by May 2008, the register users of Alipay has exceeded 80 million with over RMB 350 million daily transaction volume and 1.5 million daily transactions. Besides merchants on Taobao and Alibaba, there are over 460,000 e-commerce merchants are using Alipay on their sites. On August, Alipay officially launched the WAP version, allowing you to make transaction on your phone.
Instead of just serving China market, Alipay also starts its internationalization strategy, it partnered with Paymate, an Australian online payment company, to launch Haiwaibao.com, which allows Chinese consumers to do shopping directly on websites in Australia that support Paymate. It also partnered with Philliou Selwanes Partners (PSP) for Northern American market entry, among other international partnership.
With such a strong competitor in both C2C and online payment market in China, whether Baidu can take advantage of its broad user base and popular search and community-related service to gain significant market share quickly is still uncertain.
source: china web 2.0 review
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