Why Virtual Hongbao Should Have WeChat Pleased as Punch

Giving hongbao, or red envelopes filled with money to children, relatives and employees, is a traditional Chinese New Year custom. Over the recent holiday, the hottest topic on social media was WeChat's virtual red envelope service, which allowed people to send hongbao to their friends through the Tencent messaging apps.

The excitement was such that Wu Yi, the product director for Tencent's online payment service, had to quell it, calling it "just a seasonal product." But people were enthusiastic anyway.