A total of 7.5 million yuan ($1.08 million) in coupons issued by Ningbo, East China's Zhejiang province on June 15 were completely snapped up just two minutes and seven seconds after being released on payment platforms such as Alipay and UnionPay. The coupons are valid for seven days.

Ningbo launched a campaign in mid-April directing the local government to coordinate with merchants to spur consumption through coupons, discounts, and lucky draws.

The coupons come with three different values: 10 yuan, 25 yuan and 50 yuan. Holders of the coupons will save up to 50 yuan on the condition that they spend at least 200 yuan.

To date, more than 300,000 shops across the city have signed up for the campaign. 

From June 8 to 14, 9.45 million yuan in coupons were released, among which more than 4.64 million yuan have already been issued.

There will be another two installments of coupons released at 20:00 pm on June 22 and Jun 29. 

In addition, customers who spend a certain amount of money will be able to take part in a random lottery.

Vouchers worth 500 yuan and 1,000 yuan are set to be distributed randomly every day to those who spend at least 5,000 yuan at once or spend more than 10,000 yuan overall. The voucher number is capped at 100 per day, with a total of 3,000 vouchers available in total.

A total of 150,000 vouchers worth 5 and 10 yuan will also be distributed to those who spend at least 50 yuan at once.