Tencent and Alibaba Bring Their Battle for Supremacy to Coffee
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Chinese internet giant Tencent Holdings Ltd. upped the ante on rival Alibaba Group Holding Ltd. in their race to corner the market for the country’s coffee drinkers.
Tencent signed a strategic partnership agreement with local chain Luckin Coffee Thursday, according to official WeChat accounts for the companies. The tie-up will explore robotic delivery of orders as well as payments using facial recognition. Tencent’s WeChat payment system will also be used at Luckin stores and orders online, according to the statements, which didn’t disclose the deal terms.