Some banks are seeing customer adoption hitting a record high over the Chinese New Year period. Read more at straitstimes.com.
SINGAPORE - Digital red packets are giving the physical hongbao a fight for their money this Chinese New Year with banks here saying more customers are opting for electronic transfers because of convenience and the ability to gift in auspicious numbers.
DBS said the total amount loaded in its QR gift cards is up 40 per cent from last year over the festive period, with some $5 million loaded onto the cards on the eve and first day of Chinese New Year in 2023.The bank added that the average amount per digital red packet also surged by more than 30 per cent to about $120 per transaction, which is over 1.5 times that of each average e-hongbao transaction in 2021.
Bank customers also prefer having e-hongbao on hand as a backup when they run out of traditional red packets, she added. At UOB, the total value sent via digital red packets over the eve and first day of Chinese New Year rose over 10 per cent year-on-year, the bank said.
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