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Walmart cozies up to Tencent in China

Published 03/27/2018, 08:20 AM
© Reuters.  Walmart cozies up to Tencent in China
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  • Walmart (NYSE:WMT) will use TenCent's (OTCPK:TCEHY, OTCPK:TCTZF) WeChat payment system in China in what could be a blow to Alibaba (NYSE:BABA), according to Reuters.
  • Alibaba is in a fierce battle with Tencent on many fronts in the region, including a scuffle between WeChat and Alipay in the mobile payments market.
  • A Walmart spokeswoman only confirmed that the company has entered into a payments partnership with Tencent for WeChat covering western China.
  • Shares of Tencent jumped 1.31% in Hong Kong today. The U.S. ADRs are up 0.60% premarket. Walmart is up 0.14% in the early session.
  • Now read: Walmart: Prices Headed Ever Lower


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