Red Envelopes, Pokemon And A Whole New Way For Alibaba And Tencent To Compete
PYMNTS
JANUARY 30, 2017
The Chinese New Year is upon us — and as is their annual custom, Tencent and Alibaba are competing to see which firm can own the hongbao game. For those unfamiliar, hongbao is the name for the tradition of gifting red envelopes with money inside. People are used to using WeChat to swipe QR codes, rather than Alibaba’s Alipay payments app.
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