Walmart, the US retailer, has ditched Alipay in favour of Tencent’s mobile payments app in western China, dealing a fresh blow to Alibaba in the battle between the country’s biggest tech groups to dominate the $15.5tn payments market.
Payments have become a key battleground for the Chinese groups — both of which rank in the world’s 10 most valuable companies — as they compete in markets spanning retail, entertainment and logistics.
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