Like many other traditions, the handing out of ang baos – red packets containing cash – has been disrupted in the digital age.Synonymous with the Chinese Lunar New Year, the giving of red packets by elders to children or unmarried relatives symbolises good luck and is also a custom during birthdays and weddings. With the advent of the e-ang bao, virtual red packets can now be distributed through selected banks and e-wallet services.

With increased digitisation of services these days it was only a matter of time before digital payments caught up. Digital payments are transactions of monetary value conducted via electronic means. These are expected to bring in US$32 billion in revenue to Southeast Asia by 2021, according to Euromonitor. To capitalise on it, Ant Financial’s Alipay and Tencent’s WeChat entered the market with an initial focus on Chinese tourists to the region.