Just before the celebration of the 2014 Chinese Lunar New Year, the fourth largest Internet Company in the worlds, Tencent, established a cellular program for its famous WeChat platform: the Red Envelope. By clicking on a virtual red envelope logo, gifts of money could be easily sent to or received from family and friends to celebrate this special event.
Combining a Chinese cultural tradition with modern social networks, this straightforward initiative shortly became a major milestone in China's cellular market. It brought above than eight million users to Tencent's Payment platform in the very first eight days following the New Year, helping the firm break the hurdle of mobile payment adoption among its large amount of users base and giving it an exceptional edge in the nation’s challenging mobile payment market. This somewhat unexpected, record-making success, also made many firms rethink how to endure and thrive in China's fast growing technology sector.
Tencent The WeChat Red Envelope Initiative case study solution
This is just an excerpt. This case is about STRATEGY & EXECUTION
PUBLICATION DATE: June 01, 2015 PRODUCT #: W15197-HCB-ENG
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