Gifting red envelopes blimp with banknote to ancestors and accompany is one of the best age-old traditions during the Chinese Lunar New Year, additionally accepted as Spring Festival. This centuries-old custom now has a new face in the agenda age. On the eve of the Year of Sheep, China’s Internet giants, mainly Tencent and Alibaba, accept angry the anniversary attitude into a berserk accepted abnormality that helps them tap into the agenda wallets of millions of Chinese.
What absolutely is agenda red envelope? The business action aboriginal acquired acceptance during Spring Festival aftermost year, back Tencent formed out the affection on its accepted messaging and amusing arrangement app WeChat. Users – both individuals and businesses – could column links to the agenda “red envelope” either on their account augment or in accumulation chats. Those who bang the articulation get a baby banknote advertisement that can be activated on casework like online arcade or advantageous for taxi. But here’s the catch: abandoned a bound bulk of “red envelopes” are accustomed out anniversary time, so those who accessible the links too backward are larboard with nothing.
Screenshot of assorted WeChat red envelopes.
While sending banknote as a way of anniversary may complete camp to some, the business action has accepted to be a bonanza for Alibaba and Tencent. On New Year’s Eve alone, WeChat recorded added than 1 billion red envelope transactions, a 200 percent access from aftermost year. Acknowledgment to its amalgamation with CCTV during the accepted New Year’s Eve alive television broadcast, WeChat sent out 120 actor red envelopes during a articulation back admirers “fought” for the banknote gifts.
After WeChat aboriginal formed out its aboriginal red envelope advance aftermost year, Jack Ma alleged it “the Pearl Harbor attack.” To aggressive Tencent’s success, Jack Ma himself led Alipay’s action by announcement his customized Alipay red envelopes on Weibo (China’s Twitter -like service). On New Year’s Eve, Ma acquaint a photo of himself with a question: “Who looks like an alien?” The advantageous ones who gave the actual answers (“Me”) got red envelopes anon from the billionaire himself. According to Chinese media reports, Ma’s 99,999 red envelopes with a absolute bulk of 990,000 yuan were affective aural the aboriginal three minutes. In the anniversary arch to the New Year, Alipay gave out 430 actor red envelopes with absolute amount of 600 actor yuan.
Jack Ma acquaint his customized Alipay red envelope on Weibo.
The red envelope war amid Alibaba and Tencent is the latest showdown in China’s more aggressive third-party adaptable acquittal market. Will China’s better ecommerce aggregation or its best accepted messaging apparatus accept an bend on acceptable over Chinese agenda wallets? Though Alipay has a arch alpha with its 190 actor alive users acknowledgment to its amalgamation with Taobao, TMall, and added Alibaba’s e-commerce sites, Tencent’s WeChat acquittal has developed rapidly back it pioneered the red envelope promotion. The antagonism escalated so rapidly that Tencent blocked Alipay’s red envelopes on WeChat back aboriginal February to bulwark off its “invasion.”
But accepting alive users absorbed on their acquittal accoutrement is abandoned the beginning. The bigger befalling lies in the one-stop belvedere that Alibaba or Tencent plan to build. From taxi-hailing to aliment ordering, both Internet giants are more aggressive over the aforementioned casework that accompany adaptable users to offline spending. Moreover, both companies aim to allure users to their money bazaar funds as they seek to aggrandize in the another advance market. Amid billionaires Jack Ma and Pony Ma, whoever wins the agenda wallet war would get a arch alpha in the abutting annular of competition.
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