China moves to open up mobile payments services

People’s Bank of China has proposed new regulations that could force internet companies Alibaba, Tencent and Baidu to offer each others’ online payment services alongside their own. “If payment services from social networking and online entertainment firm Tencent and search firm Baidu are offered on Alibaba’s ecommerce sites, users could opt to use those,” Reuters reports. “Alternatively, Alipay could cement its dominance if customers opt to use it on rivals’ platforms.”