hina’s online payment platforms achieve record ‘red envelo

hina’s online payment platforms achieve record ‘red envelo

Digital transferring platforms run by China’s leading internet companies weathered mounting pressure from online transactions during the Chinese New Year c

elebrations with peak transfers reaching as high as 44,000 deals per second, domestic media reported on Tuesday.

As of late Monday, “red envelopes” worth 3.5 billion yuan was transacted through social media payment systems, according to Chinese media reports.

Sending “red envelops” stuffed with money through online payment tools to relative

s, co-workers and friends has become a new defining item for billions of Chinese during the Spring Festival.

The record occurred three seconds past midnight – the New Year’s Eve leading up to the Year

of Pig, Nets Union Clearing Corporation (NUCC) said, according to a report by chinanews.com on Tuesday.

The NUCC was founded by 45 shareholders, including 38 payment institutions, to en

sure  effective regulation and transaction security. The People’s Bank of China, the country’s central bank, is the largest shareholder.

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