We have summarized this news for you:
- China’s WeChat users sent each other around 1 billion “red envelopes” within a span of just under 17 hours during the Chinese New Year’s Eve.
- The red envelopes, filled with cash, form part of a gift-giving tradition in China. Now they have taken virtual form with the growing trend of Chinese citizens using online payments more frequently .
- Last year, WeChat users had sent only 20 million of these virtual red envelopes to each other. This clearly shows the extent to which WeChat has grown as a means for payments.
- WeChat’s rival, Alipay Wallet app, only saw its users gift around $642 million to each other during the New Year’s Eve. Tencent, the maker of WeChat, has yet to reveal the total amount transferred in the one billion plus virtual red envelops.
- A marketing effort by a Chinese TV show, which compelled WeChat app users to shake their phones to win money, triggered 11 billion shakes. The marketing campaign saw corporate sponsors gifting around $80 million to WeChat app users.