China’s internet giants give away millions in Lunar New Year tradition
Alibaba and Tencent woo app users with promise of cash and coupons
By now, the digital red envelope showdown between Tencent and Alibaba has become an annual affair. Since Tencent launched its electronic money-gifting feature on WeChat in 2014, each Chinese New Year people eagerly await the next twist in the battle between the internet giants.
Giving out red envelopes stuffed with cash is a Chinese holiday tradition. Families, friends and colleagues exchange what’s called hongbao in Mandarin or lai see in Cantonese, filled with anything from a few dollars -- to several hundred!
So how does it work?
Alibaba
In the ten days leading up to the Lunar New Year (February 16 this year), Alipay users could take part in an AR game, pointing their smartphone cameras at anything bearing the Chinese character “fu” (which means “blessing”). Each capture earned them one of five types of virtual card -- and collecting all five gave them a chance at grabbing as much as 666 yuan (US$104) in cash.