Tencent trumped Alibaba in the “red envelope war” to lure users on to the companies’ competing mobile payment platforms during the lunar new year holiday.
Users of Tencent’s WeChat mobile messenger sent 1bn red envelopes on lunar New Year’s eve, February 18, compared with 240m sent through Alipay Wallet, the app linked to Alibaba’s mobile payment service.
The virtual red envelopes — hongbao in Chinese — are inspired by the Chinese holiday tradition of gifting cash-stuffed envelopes to friends and family.
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