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Competition increases for China’s $5.5 trillion mobile payment market

China’s mobile payment market is more than 50 times bigger than that its US counterpart sitting at $5.5tn and is now being shaken up by its underdog Tencent, which is snatching market share from rival Alibaba. Alipay, which Alibaba launched in 2004 as a PayPal-type service to facilitate payments on its Taobao e-commerce platform, has long dominated [...]

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