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China’s payments heavyweights have been following tourists abroad as their home market gets crowded. Ant Financial, Alibaba’s financial affiliate with a valuation of $150 billion, now sees its virtual wallet Alipay handling transactions at 3,000 Walgreens stores in the U.S. and is eyeing to reach a roster of 7,000 locations by April.
The alliance will make it breezier for Chinese tourists eager to pick up vitamin supplements and cosmetics from the pharmacy giant, doing away with the hassle (...)