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Business

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.

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