Alibaba's E-Commerce Platforms Now Accept WeChat Payments, Aiming for Market Expansion in China

Benzinga09-05

Alibaba Group Holding’s (NYSE:BABA) Taobao and Tmall e-commerce platforms have started accepting payment from rival Tencent Holding’s (OTC:TCEHY) WeChat app in September, CNBC cites a familiar source....

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Alibaba stock is down 13% in the last 12 months.\nAlibaba’s move has the potential to help it expand its market share in less developed parts of China, CNBC cites the source.\nSo far, Alibaba’s Chinese e-commerce sites have promoted Alipay, a preferred payment method of its fintech affiliate Ant Group. WeChat has over 1.3 billion users globally, most of whom are in China.\nLast week, Alibaba scored a big win by bagging a clean chit from the Chinese market regulator, signaling the completion of a three-year regulatory crackdown.\nAlso, Taobao and Tmall Group created a new “digital technology” company to focus on importing and exporting goods, selling food and daily groceries, household appliances, and technology-related services.\nIn August, Alibaba reported a fiscal first-quarter topline growth of 4% year-on-year to $33.47 billion, missing the analyst consensus of $34.81 billion. Taobao and Tmall Group revenue decreased by 1% to $15.60 billion.\nInvestors can gain exposure to Alibaba Group through Avantis Emerging Markets Equity ETF (NYSE:AVEM) and Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ).\nPrice Action: BABA stock traded lower by 0.34% at $82.19 premarket at the last check Thursday.\nPhoto Via Shutterstock\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nALIBABA GR HLDGS (BABA): Free Stock Analysis Report\n\nThis article Alibaba's E-Commerce Platforms Now Accept WeChat Payments, Aiming for Market Expansion in China originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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