Baidu, the Chinese search giant is now adding its own smartphone based payments service to the mix. China’s smartphone based payments market is already growing at an astounding rate, as $1.6 trillion in transactions were completed over that channel in 2013, but now it is about to become a little bit more competitive as Baidu tosses its own mobile wallet service into the mix of options available for consumers. This will place the search company in direct competition with other online giants, such as Tencent and Alibaba. This new mobile…
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Mobile payments standard to be created in China
The People’s Bank of China has announced that it intends to create a national standard. There may be a mobile payments national standard available in the near future for China’s smartphone users, as the People’s Bank of China has announced its intentions to create one, said the vice-director of its science and technology department, Lu Shuchun. It is expected that the standard will use the 13.56 MHz internationally common technology. This is based on the assumption that near field communication (NFC technology) in smartphones will become the center of the…
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