Across Chinese communities in Asia, it is routine for people to give money in a red envelope, known as hongbao, at this time of year.
In mainland China, groups such as Ant and Tencent have long offered digitized versions of the hongbao traditions so that people can pass these gifts through their phones. WeChat Pay launched them in 2014. Thanks to the pandemic, the e-hongbao is now taking off across Asia, too.
In January, Singapore’s UOB allowed customers to send red packets digitally through its UOB Mighty mobile banking app.
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