With the constant growing number of P2P apps, consumers are left with many options to pay and receive money. The popularity of these applications have been on a constant rise, especially since social media apps are integrating these options into its platform. In the article, “Why this Chinese New Year will be a digital money fest” by Matthew Wall, it talks about the rise in digital money and the difference it will make for the Lunar New Year holiday. With the availability to transfer money with ease, people are opting to send “digital red envelopes.” Increased security through touchid have soothe some of the public’s worry of security fraud.
However, what is more interesting is the impact financial technology will have on this traditional holiday. The Lunar New Year is celebrated by many cultures where married couples give red envelopes of money to signify good health and good luck. This act of presenting money is tradition, and with the rise of FinTech, the impact it will have on giving physical red envelopes is still in question. FinTech has already changed the way society pays money, but how it will change culture is still yet to be answered.
http://www.bbc.com/news/business-38746298