Following in the footsteps of rivals Alibaba and Tencent, Chinese search engine Baidu has launched its own mobile payments platform.

The new Baidu Wallet app is a payments, money transfer and wealth management service.

Alibaba lauched its Alipay Wallet at the start of 2013 and was followed later in the year by Tencent’s Wechat payments app, which is linked to the popular messaging app of the same name.

Now Alibaba and Tencent will face competition from another big name in China’s internet market.

However, players face regulatory hurdles in the country’s burgeoning mobile payments market.

China’s central bank recently blocked plans by Alibaba and Tencent to launch virtual credit cards, as well as using mobile devices to make payments via QR codes.