Tech in Asia reports on Tencent allowing WeChat users set up an investment fund through TenPay using their smartphones.
Tencent joins Baidu and Alibaba in offering a personal finance product.
Baidu does not have any widely popular products or services that require user registration; it’s mostly still used as a search engine. Alibaba’s Taobao and Alipay and Tencent’s WeChat are both massively popular and require registration, which gives them a captive audience.
Baidu’s Baifa offers the highest interest rate while Alibaba’s Yuebao is the most popular service for now. However, Tencent boasts of a larger user base, giving its Caifubao service the potential become the leading personal finance product in China.