Alipay ties up with CCTV for gala show
Print Edition
Alibaba’s payment and financial services affiliate Alipay said yesterday it has replaced Tencent’s WeChat as the exclusive official partner for China Central Television’s Spring Festival Gala this year.
Alipay said it has teamed up with dozens of companies such as Minsheng Life Insurance, Youku Tudou Inc and Tianhong Fund Management Co to give users cash coupons or vouchers during the interactive sessions for this year’s CCTV Spring Festival Gala.
The cooperation with CCTV represented Alipay’s effort to battle WeChat payment services to increase its presence in the sector.
Alipay aims to add new users to its current base of 400 million users.
In response, Tencent said the advertising income during the 10 days starting on Lunar New Year’s Eve on the WeChat Moments page, similar to Facebook’s timeline where one can read friends’ updates, will be used to give users e-Hongbao, or virtual red envelopes.
During last year’s Spring Festival Gala, a total of 500 million yuan (US$76 million) worth of virtual red envelopes were given to users by WeChat.
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