By South China Morning Post | Created at 2025-01-22 13:51:37 | Updated at 2025-01-22 16:58:02
3 hours ago
Hong Kong e-payment service provider Octopus is handing out HK$68.8 million (US$8.8 million) worth of red packet money and perks in a collaboration to spur spending during Lunar New Year.
The company announced on Wednesday 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.
She said the company wanted to encourage local spending.
The company is the most widely accepted payment system in the city. More than 24 million Octopus cards and products are in circulation, with almost 190,000 acceptance points spanning public transport, retail, schools and access control for residential and commercial buildings.
“This campaign will, at the same time, help boost local consumption during the festivity,” Goh said.
