Tech companies are gearing up for the upcoming lucky money warfare
Douyin secured the place as the sole sponsor on CCTV Spring Festival Gala, planning to distribute RMB 1.2 billion in cash to the audiences who engage with the show. The annual gala will be held on Feb. 11 on the eve of the Chinese New Year. Alipay recently rolled out the consecutive 6th Five Fu (good fortune) card collecting campaign to distribute cash prices to celebrate the holiday. The red envelope battle started in 2014 when Tencent utilized this digitalised feature to convert hundreds of millions of social media users to payment users for WeChat Pay.