HONG KONG -- WeChat operator Tencent Holdings is quietly gaining on Alibaba Group Holding's dominance in China's e-payment market, which totaled 24.8 trillion yuan ($3.8 trillion) in the year ending Sept. 30, by tapping offline merchants and leading in peer-to-peer cash transfers.
Finance
Tencent closing gap with Alibaba in $3.8tn mobile payment market
Peer-to-peer money transfer gains favor among China's offline merchants
A notice promoting Tencent's WeChat Pay at a restaurant in Guangzhou, China.
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