The Presidential Daily Brief

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  1. WeChat red envelope shutterstock 545143834

    WeChat’s Red Packets Have Revolutionized Messaging

    It’s much more than texting. Starting in 2014, China’s social messaging app WeChat began exploding with friends sending each other red envelopes — a digital spin on the age-old Chinese gift-giving tradition — revealing variable amounts of cash when opened and offering the addictive thrill of reward with a gambling twist. It’s sparked a war with Alibaba over a mobile payments market that’s already exceeded that of the U.S. An established payment culture and gambling regulators make it difficult for a copycat to gain an American foothold — but expect someone to try.

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