In East and Southeast Asian cultures, a red envelope, red packet or red pocket (simplified Chinese: 红包; traditional Chinese: 紅包; pinyin: hóngbāo; Pe̍h-ōe-jī: Âng-pau) is a monetary gift given during holidays or for special occasions such as a wedding, graduation or the birth of a baby.[1] Although the red envelope was popularised by Chinese traditions, other cultures also share similar traditional customs.

The red packet is also called “money warding off old age” (壓歲錢; yāsuì qián) for Chinese New Year.

These customs have also been adopted across parts of Southeast Asia, and other countries that have a sizable ethnic Chinese population as well. In the mid-2010's, a digital equivalent to the practice emerged within messaging apps with mobile wallet systems localised for Chinese New Year.

Source: Wikipedia