The race has been particularly fierce this year, as more tech giants lavished lucky money to attract mobile users.

Chinese artificial intelligence giant Baidu, for instance, took the lead this year by preparing a record high of 1.9 billion yuan (281.7 million U.S. dollars) for digital red envelopes after becoming the exclusive red envelope partner of the China Central Television (CCTV) Spring Festival Gala, the most-watched annual show on Chinese New Year eve.

Alibaba continued its game of collecting five blessings to share the lucky money of 500 million yuan, while Weibo prompted users to retweet certain posts to share 100 million yuan. Many firms put 2,019 yuan into red envelopes as the biggest prize.

Tencent also rolled out a specific hongbao service for firms to give red envelopes to their employees in its latest efforts to boost services for corporate customers.

Douyin, a leading Chinese short-video platform, jumped onto the wagon by partnering with the CCTV gala and launching a red envelope game worth 500 million yuan in total, in an effort to encourage users to send short-video new year greetings to expand on its already 500-million-plus monthly active users.

Compared to the everyday needs for inter-bank payment and settlement, the Spring Festival holiday is much more demanding as a larger amount of deals under more diverse trading scenarios need to be processed concurrently, according to sources with China UnionPay.

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