Chinese ride hailing firm Didi Chuxing to buy payments firm 19Pay for $45m

Chinese ride hailing firm Didi Chuxing to buy payments firm 19Pay for $45m

A taxi driver is reflected in a side mirror as he uses the Didi Chuxing car-hailing application in Beijing, China, September 22, 2015. REUTERS/Jason Lee

China’s largest ride hailing firm Didi Chuxing is set to fully acquire third-party payments firm 19Pay for $45 million (RMB300 million).

The Chinese unicorn agreed to the buyout deal in a move to develop its own payment services, putting itself in direct competition with local tech giants Baidu, Alibaba and Tencent (BAT), the China Money Network reported.

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