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BUSINESS & TECH

Cash-Stuffed Red Envelopes Succumb Further to Digital Age

By Coco Feng
Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have begun encouraging more offline and physical engagement in the increasingly online money-giving custom this holiday season. Photo: VCG
Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have begun encouraging more offline and physical engagement in the increasingly online money-giving custom this holiday season. Photo: VCG

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.

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