WeChat tops over 1 bln transactions during the Chinese New Years Eve

Tuesday 24 February 2015 11:19 CET | News

China’s WeChat mobile wallet users sent each other around 1 billion ‘red envelopes’ within a span of just under 17 hours during the Chinese New Year’s Eve, on February 18, 2015.

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. In 2014, WeChat users had sent only 20 million of these virtual red envelopes to each other.

Alibaba has unveiled that users of its Alipay Wallet app sent a total of RMB 4 billion in cash, which is USD 642 million, to their friends and family members during the 24-hour period of Chinese New Year’s Eve. Alibaba partnered with Sina Weibo, China’s version of Twitter, to send its gifts.

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 USD 80 million to WeChat app users.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: WeChat, transactions, Chinese, New Year, Eve, mobile wallet, red envelopes, mobile, payments, Alipay Wallet, Alibaba, Sina Weibo, Tencent
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce

Industry Events