Chinese Lunar New Year Illustrates Rise of Virtual Hong Bao [Fortune]
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Source: Fortune
China’s Lunar Near Year is many things to that country’s population. But this year, more than others, it will rely heavily on technology for delivering the traditional red packets known as Hong Bao that typically contain gifts of money. This year, 80% of people living on mainland China will give digital red packets, many of which include digital currency that can be used as cash, market research firm Lightspeed Research said in a study reported on by the South China Morning Post . That’s more than the 69% of people who said that they would send physical red packets to friends and family. The Chinese Lunar New Year is typically when the most red packets are given, although they can also be given for other special occasions like birthdays. Red, in China, is considered a symbol of well-wishes and good luck. Get Data Sheet , Fortune’s technology newsletter The rise of digital Hong Bao has been nothing short of astounding. According to Tencent, a company that has
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