More e-hongbaos given out in Singapore this Chinese New Year

1 month ago 142

Updated

Feb 24, 2024, 11:45 AM

Published

Feb 24, 2024, 11:45 AM

SINGAPORE - Digital red packets, or e-hongbaos, have become increasingly popular during Chinese New Year here, with banks seeing more such electronic transfers during the festive season in 2024 compared with 2023.

Latest figures from most banks and multi-currency card providers The Straits Times contacted show increases in the number of transactions and the amount of money transacted.

DBS Bank said more than $17.5 million was transferred via its QR Ang Bao and eGift from Feb 9 to 12, representing a 30 per cent increase year-on-year. It also saw the number of customers using these e-gifting means from Jan 15 to Feb 12 double compared with the same period in 2023.

A QR Ang Bao is a physical card with a QR code, which recipients will scan to redeem the pre-loaded amount, while the bank’s customers can also use the eGift function on its PayLah! app to transfer money digitally.

OCBC said the number of e-hongbaos sent in the first three days of Chinese New Year increased by 2.5 times compared with 2023, with the bank projecting the total number sent over the 15-day festive period to be three times more than that in 2023.

UOB said the total amount of money sent via digital red packets from Feb 9 to 15 jumped by about 60 per cent year-on-year, while the number of PayNow transactions and number of customers sending e-hongbaos increased by a third.

While Citibank is the only financial institution contacted by ST to record a “slight dip” in the number of transactions of e-hongbaos in the first seven days of Chinese New Year in 2024, it sai...

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