As reported by Jing Daily.
Chinese New Year has come and gone, but red envelopes, or hongbao, are here to stay. While the likes of Mulberry and Dolce and Gabbana have been known to tap into the Chinese tradition of gifting money during Spring Festival, many other brands have found ways to benefit from hongbao‘s evolving role in China’s mobile payments ecosystem.
WeChat has firmly positioned itself as a leader when it comes to the digital exchange of red envelopes, called “lucky money,” on its platform. Tencent claims that during this year’s Spring Festival season alone, upwards of 768 million people exchanged red envelopes through WeChat, up 10 percent from last year.
