As one of the largest populations in the world, Chinese and other Asian cultures are preparing for the annual Lunar New Year. With this, many transactional sites experience a significant uplift in activity during this period as people from around the world are able to send money to each other. Beyond the traditional Red Pockets which are commonly associated with gifting money, various apps have also emerged which is designed to cater to this market beyond simply sending money.
One of the most popular apps that can facilitate the gifting transaction this Chinese New Year is WeChat which is the most common social network among the Asian communities that can be used to send virtual currencies as opposed to regular mail.
As a social network in Asia that is regarded as the most popular, billions of Red Pockets are sent each year through the platform. Given that so many people are regular users of WeChat, it is logical that it becomes a platform for sending and receiving Red Pockets where it may not be possible to deliver it physically. While other platforms have also emerged to take advantage of the growing population that is comfortable with online transfers such as AliPay and PayPal, no other platform is used as frequently as WeChat in regions where the Lunar New Year is celebrated. For this reason, the app has become a leader in the space for transferring money, especially with Red Pockets.
With the process being entirely electronic, connected to the sender’s bank accounts, and instantly delivered, it becomes extremely easy to send the funds. Furthermore, the gifting occurs right in the chat page so that it is in a location where users are already interacting with each other as opposed to having to go into a completely separate app that does only fund transfers. However, it is important to note that sending the funds does not result in a direct transfer to the bank account, but rather to the WeChat account which must then be transferred to the associated bank account.
a sender could allocate a certain amount to be distributed to a group while the app randomly assigns the amount to each person
One of the best aspects of the app is that traditionally, receivers are not supposed to be able to predict how much they are getting. With this, a sender could allocate a certain amount to be distributed to a group while the app randomly assigns the amount to each person. This aspect, although simple in nature, ensures that the concept of gifting Red Pockets remains equal and retains its traditional value. In the form of a mobile app that is able to distribute the envelope anywhere in the world to WeChat users, it is a tool that does not entirely replace the physical envelopes but rather compliments it and achieves the goal of connection in a way that the physical envelope could not do so on its own. As a way to seamlessly send Red Pockets this Lunar New Year, the app is one of the most popular alternatives that can be which is quickly gaining popularity beyond the traditional physical envelopes.