Baidu’s Baifubao in partnership with 17 Chinese banks

Apr. 24, 2009 (China Knowledge) - The 17 banks include Industrial and Commercial Bank of China<601398><1398>, China Merchants Bank<600036><3968>, Agriculture Bank of China, China Construction Bank<601939><939>, China CITIC Bank<601998><998>, Bank of Communications<601328><3328>, Postal Savings Bank of China, Industrial Bank<601166>, China Minsheng Banking<600016>, and China Everbright Bank, etc.

The number of Baifubao’s newly registered users jumped nearly 20% per day after the company recently launched a promotion program, which offered new users cards with 20% discount in gas purchases, according to sources.

Baidu launched the online payment system and its C2C e-commerce platform in September 2008, in a bid to compete with its major rivals such as Alibaba and Tencent, which had launched similar online payment system Alipay and Tenpay respectively earlier.

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