So while Walmart’s move won’t leave Alibaba cash-starved, the e-Commerce giant can’t be thrilled about losing business to a rival that is eager to narrow the market share gap. In China, Alipay holds the leading market share of payments, at 54% while WeChat Pay is at approximately 40%, according to the Wall Street Journal. In total, the Chinese mobile payments market has reached a whopping $9 trillion, with Alibaba and Tencent dominating the market. Walmart is parting ways with Alipay in all its stores in the western region of China, installing WeChat Pay, the popular digital payments app powered by Tencent.The move would be a blow for Alibaba, which is aggressively expanding the Alipay platform outside China.
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