You already understand about the 3Q War as an illustration of the resourcefulness and bloodthirstiness of Chinese businessmen..
Now you will find out, how Tencent beat Alibaba over e-wallet, and together they occupied 93.three percent of the market.
Pearl Harbor mobile payments
? The attack began on the most festive night of the Chinese calendar - Chinese New Year 2014
According to the old tradition, it is customary to give red envelopes on this holiday. ? with cash. These currency gifts are the Chinese equivalent of Christmas gifts., the most coveted and long-awaited surprises for children, Parents, managers and subordinates.
Everyone is pleased to receive ?
? Tencent offered a luxurious and ordinary solution - the ability to send digital envelopes via WeChat with REAL funds inside.. To comrades and comrades of friends. It's enough to connect your bank account to WeChat, And, voila-la, you send envelopes to some recipients or to a group of friends at once, to compete later in the chat, who will open their own envelope faster.
The purchased funds ended up in the WeChat Wallet, e-wallet WeChat. They could buy, anything, send further or withdraw to your own bank account.
? This was not just a revolution in the digital age of ancient Chinese traditions., and the transition with elements of game mechanics. That Lunar Year 2014 on WeChat was sent 16 million envelopes and tied 5 million new bank accounts.
Who was in sorrow, so this is Alibaba founder Jack Ma. He called the red envelope prank the 'Pearl Harbor Attack' on Alipay's dominance of e-commerce..
? Alibaba with its own payment system Alipay was the first, who sneaked into the phones of users with 2004 of the year. However, overnight, WeChat took over and took over a significant chunk of the market., turning users of the most massive public app into an army of digital payments users.
? Ma went out to the workers and said, what if they do not grab a dead grip on the mobile payments market and change the state of affairs, then you can say goodbye to this part of the company. These words were appreciated, like a horror story for the night, but 4 years later it became clear, what Jack Ma realized, what is he talking about.
At the moment, Tencent's favorite WeChat allows you to sign up and pay for the dentist's services., book plane tickets and split the bill for a friendly dinner. Instantly.
⚡️ When a flood of burgundy envelopes forced millions of Chinese to link their bank accounts to WeChat, it became a sign of the consumption revolution: possibility to pay by phone everywhere and everywhere.
Years later Alibaba, Tencent and thousands of Chinese startups are competing to leverage this opportunity: food delivery, Payment of utility services, live performances of celebrities, manicure on request, train tickets, movie tickets, parking fines and speeding ...
? Now you understand, why 5G technology is so necessary and important in all areas of China's development.
Based on true events, Kai-Fu Lee “China, Silicon Valley and the New World Order”.
