Two retail giants are forming a partnership.
Wal-Mart Stores, Inc., which recently reaffirmed its commitment to China, will work with Alibaba to implement the Alipay Wallet payment system in 25 Wal-Mart stores in Shenzhen. The U.S. retailer indicated that more stores might begin using the system in future. Alibaba, China’s largest Internet company, has said that Alipay Wallet has more than 270 million active users.
Wal-Mart has been struggling in China but views the market as key to its future growth. Last week, the discounter’s chief executive officer Doug McMillon said at an event in China that the retailer will open 115 stores there over the next few years.