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March 28, 2018updated 29 Mar 2018 10:58am

Walmart partners with Tencent to use WeChat in western China

US retailer Walmart has dropped Alibaba-linked Alipay in all its stores in the western region of China, after making an agreement with Tencent to use its WeChat payment system.

US retailer Walmart has dropped Alibaba-linked Alipay in all its stores in the western region of China, after making an agreement with Tencent to use its WeChat payment system.

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The agreement has given Tencent a boost in its fight for supremacy against Alibaba in China’s fast-growing digital payment market.

Chinese customers can pay at Walmart stores by scanning QR codes with a smartphone using WeChat Pay app.

“In the future, Walmart will cooperate with more partners to provide payment solutions with more convenience and benefits.”

Walmart spokesperson said that the partnership with WeChat pay in western China was a ‘business decision’ to improve customer experience.

“In the future, Walmart will cooperate with more partners to provide payment solutions with more convenience and benefits.”

The spokesperson added that the firm accepted payment methods, including cash, cards and mobile payments.

China’s retail market is divided in two segments – Alibaba and Tencent, both of which have a combined worth of $1 trillion, reported the news agency.

Last week, the retail major also announced its plans to invest in Indian technology start-ups and talent to support its proposed deal to buy a stake in online retailer Flipkart.

In a bid to challenge rival Amazon, Walmart intends to invest $7bn in the planned tie-up with Flipkart and acquire between three and five technology start-ups.

Free Whitepaper
img

What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?

While wanting to protect the country from being overwhelmed by Omicron, China’s adherence to a Zero-COVID policy is resulting in a significant economic downturn. COVID outbreaks in Shanghai, Beijing and many other Chinese cities will impact 2022’s economic growth as consumers and businesses experience rolling lockdowns, leading to a slowdown in domestic and international supply chains. China’s Zero-COVID policy is having a demonstrable impact on consumer-facing industries. Access GlobalData’s new whitepaper, China in 2022: the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry, to examine the current situation in Shanghai and other cities in China, to better understand the worst-affected industry sectors, foodservice in particular, and to explore potential growth opportunities as China recovers. The white paper covers:
  • Which multinational companies have been affected?
  • What is the effect of lockdowns on foodservice?
  • What is the effect of lockdowns on Chinese ports?
  • Spotlight on Shanghai: what is the situation there?
  • How have Chinese consumers reacted?
  • How might the Chinese government react?
  • What are the potential growth opportunities?
by GlobalData
Enter your details here to receive your free Whitepaper.