Baidu, PayPal team up to battle Tencent, Alibaba
US payment giant taps into China’s 100 million Baidu wallet users
Paypal has announced a new partnership with Chinese tech giant Baidu on Thursday, multiple news outlets report. The move will give the US online payment giant access to Baidu wallet’s 100 million users for payments outside of China, a number already equivalent to half of PayPal’s 200 active accounts, according to CNET.
Baidu also hopes the move will help them chip away at Tencent and Alibaba affiliate Ant Financial’s combined 92% share of the China’s domestic digital payments market.