(MENAFN) With the aim of competing for the mobile payment market, a large amount of gift money will be handed out at New Year by China's top internet companies, according to the latest reports.
Alipay intends to give away USD121 million on the lunar New Year's Eve, while Tencent's instant messaging tools, QQ and WeChat, have USD30.4 million of red envelopes to give away to its customers.
Furthermore, Alibaba Group's Alipay had the largest market share in China with a whopping 300 million users and control of just under half of China's online payment market as of last month.
Tencent is a Chinese investment holding company whose subsidiaries offer media, entertainment, internet and mobile phone value-added services, and operate online advertising services in China.
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