Two of China’s biggest internet companies – Alibaba and Tencent – are fighting a proxy war over the lucrative mobile payments market by backing rival taxi-hailing apps.
Alibaba has invested in Kuaidi Dache (“Fast Taxi”), while Hong Kong-listed Tencent, the company behind chat app WeChat, backs Didi Dache, (“Beep Beep Call a Cab”)
Taxi apps have become massively popular in China, where traffic congestion on some routes in its sprawling megacities can be so bad that drivers refuse fares to those areas. Tencent and Alibaba executives see an opportunity to use apps that ease rush-hour pain to expand their payment networks.
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