Alipay overtook PayPal as the world's largest mobile payment platform in 2013. In the fourth quarter of 2016, Alipay had a 54% share of China's US$5.5 trillion mobile payment market, by far the largest in the world. It's being reported today that Apple will begin accepting Alipay in its local stores, boosting its ties with giant e-commerce firm Alibaba Group amid a push by Apple to revive growth in the world's number 2 economy.

The tie-up will make Alipay, run by Alibaba affiliate Ant Financial, the first third-party mobile payment system to be accepted at any physical Apple store worldwide.

Reuters further noted that although the iTunes and App Stores have been accepting Alipay for more than a year, Apple will now accept Alipay payment across its 41 brick-and-mortar retail stores in China, said Ant Financial, which was valued at $60 billion in 2016.

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