China’s Battle Over Virtual Wallets Intensifies

By Qu Yunxu, Zhang Yuzhe and Han Wei
Illustration: Hu Yuanyuan/Caixin
Illustration: Hu Yuanyuan/Caixin

(Beijing) — Private tech giants have battled fiercely over the past few years to change the way Chinese people pay for their daily expenses, promoting online and mobile app services. Now the war for wallets is becoming more cutthroat as state-owned financial institutions are fighting back to snatch their share of the market that’s worth tens of trillions of yuan a year.

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