Hong Kong’s e-payment firms give away tens of millions in lai see, perks

Hong Kong e-payment service providers are handing out tens of millions of dollars worth of red packet money and perks during Lunar New Year, with Octopus leading the campaign to spur spending with a HK$68.8 million (US$8.8 million) giveaway.

Alipay HK also rolled out spending perks for the festive period on Thursday, including a giveaway of virtual red packets valued at up to HK$880 between January 25 and February 3, discounts of up to HK$888 for spending over HK$3,000 at designated merchants, and tenfold bonus reward points for first purchases made on online marketplace JD.com.

Users activating Alipay HK’s QR code feature to pay for public transport for the first time will also receive a voucher package worth HK$126 from January 25 to February 28. Alipay HK is part of Ant Group, a fintech giant affiliated with Alibaba Group Holding, which owns the South China Morning Post.

WeChat Pay HK, part of tech giant Tencent, is running a sweepstake event until February 4 in which users can take part free for once, and get an additional chance for every purchase made with merchants in Hong Kong, Macau, mainland China and Japan. Rewards include e-vouchers worth up to HK$888 and reward points.

Earlier on Wednesday, Octopus announced it would give away HK$8.88 million in virtual red packets, known as lai see, with more than two dozen merchant partners offering deals worth HK$60 million between January 27 and February 28.

The campaign, the company’s biggest yet for Lunar New Year, aims to bolster spending amid a weak economy and a growing trend of Hongkongers heading to mainland China for shopping and dining.

Jaslin Goh, director of marketing, communications and data at the company, said a 30 to 50 per cent increase in transaction amounts was expected from the campaign, adding the company wanted to encourage local spending.