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UnderOath-KY

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UnderOath-KY

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Tuesday, 03/27/2018 8:37:24 AM

Tuesday, March 27, 2018 8:37:24 AM

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Walmart cozies up to Tencent in China
Mar. 27, 2018 8:20 AM ET|By: Clark Schultz, SA News Editor

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.
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