rants in addition to Alipay and WeChat Pay, the top two online transfer and payment tools in China in terms of market share.
Baidu, Sina Weibo and Douyin have joined the league of sending digital red envelops. Ba
idu allocated digital red envelops worth 900 million yuan ($133.5 million) and realized 20.8 billion tran
sactions on its app during the CCTV Spring Festival Gala in the lead-up to the Year of the Pig.
Last year, Alibaba-backed Taobao.com tied up with the CCTV Spring Festival Gala, sending a total of 600 million yuan in digital red envelops and prizes.
“Supporting the huge amount of transactions is China’s mature digital payment standard,” said Wang Pengbo, a finance industry analyst at Analysys.
Wang told the Global Times on Tuesday that as the cost of attracting new online users has ri
sen, internet firms are seizing the opportunity to direct the flow and promote their products through the New Year gala.