Rumor: Baidu to Launch Account Balance VAS Product

Beijing Morning Post, 10/17/13

According to an industry insider, Chinese internet company Baidu (Nasdaq: BIDU) has partnered with fund management firm China Asset Management to develop an account balance VAS service, to be launched as early as the end of October. Baidu's new financial service may offer users an annual yield of 8%, nearly twice that of Chinese third-party payment processor Alipay's account balance fund investment service Yu'e Bao.

Baidu's financial channel (8.baidu.com) has begun promotion of the company's third-party payment platform, Baifubao, offering VIP trial membership privileges on Baidu Music, Baidu Games, and Baidu Wenku (literature), as well as e-vouchers to several e-commerce websites, for users who deposit as little as RMB 0.01 to Baifubao.

According to Alipay, over 16 mln of its users have signed up for the company's Yu'e Bao service, with the total value of investment through Yu'e Bao exceeding RMB 130 bln.

Keywords: Internet Baifubao Baidu third-party payment VAS BIDU China Asset Management financial services

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily