Chinese payment system Baifubao partners with China Everbright Bank

Chinese Internet search company Baidu Inc. established a partnership with China Everbright Bank (CEB) to allow users of Baifubao.com, an online payment service provider and subsidiary of Baidu, to fund their accounts and make payments at CEB’s outlets.

The agreement with CEB is the latest in a chain of similar deals established by Baidu in line with its expansion strategy. At the moment there are 16 Chinese banks in total who established similar relationships with Baifubao including the Industrial and Commercial Bank of China, the Agricultural Bank of China, the China Merchants Bank, the China Construction Bank, the Citic Bank, the Bank of Communications, the Post Office Savings Bank, the Industrial Bank, the China Minsheng Banking Corporation, and others.

Main rivals of Baifubao in China are the most successful online payment system Alipay, a subsidiary of Alibaba Group, and Tenpay owned by Tencent, who also owns a C2C shopping site Paipai.com. a success of Baifubao is based on the vast Internet search service user base of Baidu.