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Alibaba, Tencent lead as China's mobile payments triple

Sharing economy driving growth in usage

Chinese smartphone makers like Xiaomi are scrambling for market share as shipments continue to slide.

GUANGZHOU -- Mobile payments in China roughly tripled on the year to 23.04 trillion yuan ($3.49 trillion) in the April-June quarter, with local tech giants Alibaba Group Holding and Tencent Holdings dominating more than 90% of this fast-growing market.

Alibaba's Alipay service commanded a 53% market share based on payment value while Tencent took second place with 39%, according to data from research company Analysys International.

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