Cash-Stuffed Red Envelopes Succumb Further to Digital Age

Over the last few years, a centuries-old tradition during the Lunar New Year — children receiving red envelopes stuffed with cash from older relatives — has been brought increasingly online by a pair of internet giants seeking to promote digital payments.

This year, ahead of the weeklong holiday that begins next week, a third competitor, bank-card services provider China UnionPay, is hoping to break the duopoly of Tencent Holdings Ltd. and Alibaba Group Holding Ltd.