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Creating a digital alternative to the traditional Chinese 'red envelope' payments helped spur WeChat's financial services growth, and helped it become a 'superapp.'
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Additional insights we found via Fast Company
Red envelope payments are an old Chinese custom of exchanging gifts between friends, family, and colleagues. Money, traditionally crip paper bills, is given in bright red envelopes in a gesture that's meant to ward off evil spirits and bring luck to the recipient.
Unliked traditional red envelope payments, WeChat introduced gamified digital versions that allowed people to send red envelopes in group chats or between two users.
Money from red envelope payments is kept in the app itself, which is connected to an e-commerce platform that allows people to shop directly in the app.
The combination of messaging, payment infrastructure, and commerce makes WeChat a superapp, which is a multi-use application.
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