Alibaba Group Holding Ltd is again challenging rival Tencent, this time for control over the "red packets" that Chinese people usually exchange on special occasions, including the Lunar New Year. Last year Tencent introduced an application that enables its users to send virtual red envelopes to loved ones as the company attempted to upgrade the tradition of giving money during holiday periods. However, this year Alibaba is looking to take away a share of the mobile payments as it recently launched a similar application that is linked to its Alipay system, which was released in 2004. Both companies are looking to solidify their positions and increase their market share in internet finance, which is growing rapidly in China. Being dominant in the area would also reflect on the companies e-commerce and social network businesses. The companies launched massive marketing campaigns in order to encourage consumers to use their payment applications when sending the traditional hong bao.