Afternoon D & C Dedicated To Mumbai
Home > Diary > Online 'red envelopes' rocket for Chinese New Year

Online 'red envelopes' rocket for Chinese New Year

Wednesday, February 10, 2016

BILLIONS of online money transfers have taken place in China as the ancient Lunar New Year tradition of handing out red envelopes of cash met the Internet age. For centuries parents, relatives and employers have handed out 'hong bao' -- small gifts of money -- to children or menial workers to celebrate the dawn of the new year.

But in increasingly tech-savvy China, givers are abandoning the red paper envelopes and opting instead to transfer money via their mobile phone. On Sunday, the eve of the Year of the Monkey, a staggering eight billion 'hong bao' were exchanged, eight times the number gifted last year. The idea of electronic 'hong bao' was introduced in recent years by WeChat, a mobile messaging system with over 650 million users and operated by Tencent, China's largest Internet service portal.

The service took off and competitors soon joined the fray. Now Alipay Wallet, the payment system run by online retail giant Alibaba, and Tencent are going head to head for a share of the online payments.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
The girl who left her house from Nalasopara, ...
Bangur Nagar police has nabbed a youth, who ...
Yesterday morning started off as a normal Monday ...
Heart To Heart
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You will be impulsive today, and this may throw up unexpected results. In a rush of enthusiasm, you may finish pending work and even be left with enough time to plan long-term goals. You may also realise and make amends for your past mistakes, says Ganesha.
- Advertising -
The festive season is a time for indulgence, but
Ayurveda offers a comprehensive treatment method
Good hygiene practices can help keep your infant
Read More