Chinese Walk 40 Times the Distance From Earth to Mars for Digital Red Envelopes
The tradition of giving "hongbao," or red envelopes, during the Lunar new year has become the latest weapon used by China's major online payment services in their turf wars.
In recent years, China’s top digital payment providers, Alipay, Tencent’s WeChat pay, have flooded users with virtual red envelopes during the festive season to reward their loyalty.
This year, the players have ratcheted up their game, with Tencent giving out 1.79 billion red envelops worth a total of 200 million yuan to 221 million users through its QQ messaging platform during the Lunar New Year, the Internet giant said on Monday.
Tencent, in a clever move, has linked its cash bonanza to users achieving their fitness goals. The 221 million users who received a digital red envelope have accumulated a total of 3.4 trillion steps, or 2.24 billion kilometers, which is equivalent to 20 times the distance for a round trip between Earth and Mars, during the first three days of the festive week that kicked off on Feb. 16, according to the company. This year’s record is 35.9 billion steps more than last year.
The creators of the popular messaging app WeChat, have since 2014, allowed users to send virtual red envelopes to each other on the chat app, laying the foundations for the social media giant to quickly catch up with rival Alipay in China’s red-hot digital payments market.
But, Tencent’s giveaway fell far short of what China’s leading digital payment services provider Alipay was splurging on its users. The platform more than doubled its total hongbao prize money to 500 million yuan this year from 200 million yuan in 2017.
Most users received about 1 yuan on average, but a lucky few had won 666 yuan, according to data from Alipay.
Alipay dominates China’s online payment sector with 53.7% of the market, while Tencent had 39%, as of Sept. according to data from Yiguan Consultancy.
China UnionPay, a distant third in this booming market, also joined in this year. The government-backed bank-card services provider gave out red envelopes worth as much as 2,018 yuan ($319) per user, in bid to promote its own mobile payment app that launched in December. The campaign will last until March 2.
Contact reporter Mo Yelin (email@example.com)
Apr 24 19:26
Apr 24 19:21
Apr 24 19:24
Apr 24 18:04
Apr 24 18:06
Apr 24 17:15
Apr 24 17:20
Apr 24 16:46
Apr 24 15:53
Apr 24 15:02
Apr 24 14:52
Apr 24 12:10
Apr 24 11:20
Apr 24 02:30
Apr 24 02:48
- 1‘Avengers: Endgame’ Has Made 400 Million Yuan in China – And It’s Not Even Out Yet
- 2New Details Emerge in Richard Liu Rape Suit
- 3China Shifting Focus From Further Economic Support to Structural Reforms, Analysts Say
- 4Debt-Ridden Investment Firm Hit With $800 Million Cross Default
- 5In Depth: How a Bungled British Deal Left Everbright on the Hook for $522 Million
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas