TOKYO - In a move to modernize traditional New Year's celebrations, a series of initiatives for digitalizing 'Otoshidama,' the customary New Year's monetary gifts, have been unveiled, marking a shift towards cashless transactions.
PayPay, a smartphone payment service, has released a limited edition of Pochi bags (small envelopes traditionally used for Otoshidama) for sending New Year's money, and has started a campaign where both the sender and receiver of the gift can win points.
Leading the charge is PayPay, the widely-used smartphone payment service, which has introduced a limited edition range of Pochi bags, a modern twist to the small envelopes traditionally used for Otoshidama. Reward points are also given to both the givers and receivers of these digital New Year's gifts.
According to a survey by PayPay, about 40% of recipients prefer 'cashless New Year's gifts,' and the number of transactions is increasing every year.
The upcoming New Year is poised to witness a remarkable surge in digital gifting, with projections indicating that the total value of Otoshidama sent could soar to 526.3 billion yen. PayPay has set an ambitious target, aiming for 150 billion yen of this amount to be transacted through its platform.
Not to be left behind, Rakuten Pay has also stepped into the fray, announcing its own campaign to promote cashless New Year's gifting. This movement towards the digitization of Otoshidama is gaining momentum, revolutionizing a long-held tradition in Japanese culture.
