Bottom line: The huge success of Tencent’s hongbao promotions over the Lunar New Year reflects the growing dominance of WeChat, which could marginalize other mobile services unless regulators step in to create a more level playing field.
It’s traditional for Chinese to exchange red packets of money, called hongbao, at the Lunar New Year. Kids of all ages receive them up until they are married, at which point they are obliged to start giving them.
Tencent has made its first investment in Africa under the banner of its WeChat messaging service. WeChat Africa, a joint venture between Tencent and Naspers, announced an investment in M4JAM (Money For Jam), a South Africa-based mobile job...
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