Chinese card payment giant China UnionPay and Chinese online payment clearing house NetsUnion Clearing Corporation processed a total of 4.931 billion payment transactions on the eve of the Chinese New Year on Monday, a 21.64-percent increase compared to the same day of last year, data from the People's Bank of China (PBOC) showed.

According to the central bank, the peak period for distributing lucky money in virtual "red envelopes" on WeChat -- the dominant, "all-in-one" Chinese messaging and social media app -- was from 23:50 on Monday to 0:20 on Tuesday, with online payments reaching a record high of 144,700 transactions per second.

Chinese people around the world are currently celebrating the Spring Festival, the most important annual holiday which marks the start of the Chinese New Year, a cherished occasion which symbolizes family reunions and a time for renewal and new beginnings.