News this week: China’s largest Internet company by revenue, Tencent Holdings Ltd, said last month that it will form a partnership with credit card company American Express to offer online, cross-border payment services.
Users of Tencent’s online payments service, Tenpay, will be able to buy goods from U.S. and U.K. websites via American Express’ online shopping service “globaleshop.” Terms and financial details of the deal were not disclosed.
According to data from Beijing-based research firm, Analysys International, Tenpay ranks second in China with a 21% share of China’s domestic third-party online payments market. Alipay, recently transferred from Alibaba Group to a private company owned by Jack Ma, remains the market leader with a 45.5% of share of the market.
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