China continues to provide an interesting reference point on the dominant and trusted tech brands launching a broad range of financial services offerings.
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Baidu enters fray with digital wallet
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Search engine provider Baidu has become the latest Chinese Web firm to move into the mobile money arena, launching a payments and wealth management wallet. In a country with more than 500 million smartphones mobile payment transactions hit $1.6 trillion last year, according to government figures. Web outfits Tencent and Alibaba both launched mobile wallets last year, joining banks and telcos vying for a chunk of the market.
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