Baidu has developed its online payment service,
Baifubao, to be launched soon. So will 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 registered 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
using Alipay on their sites.