46B electronic 'red envelopes' sent over Chinese New Year | Inquirer Technology

46B electronic ‘red envelopes’ sent over Chinese New Year

/ 07:59 AM February 05, 2017
Chinese investors arrive at the Shanghai Stock Exchange as they pass near a blossom tree containing traditional red envelopes containing money for good luck in Shanghai 28 February 2007.  The dramatic one-day wobble in Chinese share prices highlights the tricky task facing regulators as they try to prevent a dangerous bubble in a market that has grown 130 percent in a year. Analysts said that the 27 February 8.84-percent plunge in the Shanghai Composite Index suggested the government may have miscalculated, the sell-off was also partly caused by profit taking after a long period of gains.       AFP PHOTO/Mark RALSTON / AFP PHOTO / MARK RALSTON

Chinese investors arrive at the Shanghai Stock Exchange as they pass near a blossom tree containing traditional red envelopes containing money for good luck in Shanghai 28 February 2007. More and more Chinese are turning to electronic ‘red envelopes’ called hong bao to send money during the lunar new year. AFP

BEIJING, China — Chinese exchanged billions of electronic “red envelopes” over the Lunar New Year holiday, state media said Saturday, as more people turned to modern technology to perform the ancient tradition of handing out cash.

For centuries parents, relatives and employers have distributed red paper envelopes containing money, known as “hong bao”, to children or menial workers to celebrate the dawn of the new year.

ADVERTISEMENT

But tech-savvy givers in China are increasingly opting to transfer money via their smartphones rather than go to the trouble — and expense — of buying envelopes and handing them out.

About 46 billion electronic hong baos were sent or received via the popular messaging app WeChat from January 27 — the eve of the Year of the Rooster — to February 1, the China Daily reported.

FEATURED STORIES

That was 43 percent more than last year.

On January 27 alone more than 14 billion electronic red envelopes were transferred on WeChat, which is owned by internet giant Tencent and has more than 800 million users.

That was up nearly 76 percent on last year, the newspaper said, and included a record 2,125 hong baos sent by a man in Shenzhen.

An apparently very popular man in the eastern province of Shandong received a staggering 10,069 envelopes.

Tencent did not reveal the total amount of money contained in the red packets.  CBB

The latest tech news delivered to your inbox


TOPICS: ang pao, Chinese New Year, hong bao, money transfer, red envelopes, Smartphone, technology, WeChat, Year of the Rooster
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.

Subscribe to our technology news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.