Chinese mobile payment leaders Alipay and WeChat Pay are engaged in a weeklong battle from Aug 1 to 8 to encourage consumers to use their e-wallet solutions amid an escalating duel for digital payment supremacy.

By dishing out a slew of incentives, such as cash rebates, free bus rides and even a chance to win gold, the companies are taking the cashless payment fever to new heights. The battle comes after UnionPay and Apple both rolled out similar programs in June and July to cultivate customer loyalty.

During the promotional period, consumers who use Alipay, the world's top mobile payment tool, for their transactions stand to earn up to 4,888 yuan ($727) in cash rebates if they make purchases at any of the 10 million-plus brick-and-mortar stores across the country accepting the service.