Alipay is losing ground fast to Tenpay. From a near-stranglehold of 80% of China’s mobile-payments market, Alipay’s share has steadily fallen to 50% with Tenpay rising from 7% to 40%. Both are now eyeing overseas markets to follow Chinese tourists and shoppers abroad
China’s tech titans are expanding into foreign markets, signing partnerships with merchants in Southeast Asia and Europe and looking to invest in payment systems in other countries A pitched battle between China’s technology titans for control of the world’s largest mobile-payments market is starting to ripple overseas. The biggest combatant is Ant Financial Services Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd. and the owner of China’s dominant Alipay service. Alipay lets users pay for everything from haircuts to houses via codes generated on their smartphones, instead of cash or cards. It... To Read the Full Story Subscribe
