Online payment firms launch hongbao battle to entice users

It is again the time of year when Chinese people give hongbao, or red envelopes containing auspicious money, to wish prosperity and good fortune.

For technology companies, however, this has been an annual battlefield to entice users to stay glued to their respective services through financial incentives and promotional offers.

Alipay, the country's largest third-party payment tool by market share, announced on Monday it is offering subsidies totaling 500 million yuan ($73.6 million) to users who participate in a campaign that can effectively enhance user loyalty to the Alipay app.