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WeChat’s New Year Red Envelope lets Chinese Distribute Cash Socially

Alipay, a unit of Alibaba partnered with Sina Corp on January 7th, 2014 to launch an online payment service. This move was to compete with Tencent’s successful monetization spree with WeChat app. On 28th January 2014 - ahead of the Chinese New Year celebrations – Tencent launched the New Year Red Envelope app on its social media platform, WeChat. The app has gone viral amongst the Chinese users.

Although the Chinese New Year does not begin until January 30th, the Red Envelope (or Xinnian Hongbao) app has ...

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