A holiday that’s been around since ancient times, the Lunar New Year tradition of gifting red envelopes for prosperity and blessings, is now going digital.
New data from lifestyle payments app Beem It showed that out of the over 50,000 transactions processed leading up to Lunar New Year last year a large percentage were by users either gifting or celebrating Chinese New Year through the app, including sending digital versions of red envelopes and indulging in celebratory lunches.
Most common Lunar New Year transaction descriptions
- lunar new year
- chinese new year
- chinese new year lunch
Out of the transactions relating to Lunar New Year, over one in five (22 per cent) were made by users between the ages of 20 and 22 years old.
While the end of 2019 saw Beem It launch a gifting feature, this new data comes just in time for Beem It’s new Lunar New Year gifting animations which began rolling out from last week. The launch of this new feature means Aussies can now gift red envelopes to their loved ones digitally, perfect for relatives who aren’t home with their families.
CEO of Beem It, Angela Clark said they have created a new form of gifting ‘Ang Pow’ due to the success their Christmas gifting feature had over December.
“While Beem It already has several features that make payments efficient and easy, we’re constantly striving to find new ways to make transactions fun; whether that be paying friends and family back, splitting expenses or gifting for special holidays or birthdays,” said Clark.
“The gifting feature that we launched in December last year, just in time for Christmas, was so well-received that we thought it just made sense to elevate that with a Lunar New Year version.
“With twenty-two per cent of Lunar New Year-related transactions being conducted by young Aussies, it made sense for us to give them even more incentive to gift digitally,” she said.