Insight Report 8 minutes PremiumDigital Red Packets: WeChat’s Successful Foray into Mobile Payment Coresight Research March 28, 2018 Executive Summary Sending and giving red packets, or red envelopes, containing cash is a long-held Chinese tradition at Lunar New Year. Leveraging on this, WeChat, China’s most-used messaging app, introduced a function to send digital red packets back in 2014. Since then, WeChat’s digital red packets have become a huge success: 768 million WeChat users chose to send digital red packets to friends and families this year, and a recent survey found that about 80% of mainland Chinese said they intended to send red packets via WeChat Pay this year. Leveraging its success in digital red packets, WeChat has expanded its mobile payment functions to cover online and offline services, marking its successful foray into the mobile payment market with 39% market share. On the back of the popularity of its digital red packets,WeChat’s wide user base of over 1 billion monthly active users (MAU), as of February 2018, and strong user engagement, give it a competitive edge in the mobile payment market in China. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: Weekly US and UK Store Openings and Closures Tracker 2023, Week 41: UK Closures Almost TripleAmazon Prime Day India 2023: Wrap-Up—Discounts Drive Prime Members To SplurgeChinese New Year 2024 Review: Revealing Trends Amid Evolving Preferences—China Retail InsightsPlaybook: Six Quick Wins in Generative AI