SINGAPORE: Digital red packets and QR gift cards have risen in popularity this Chinese New Year, with some local banks seeing a surge of up to 30 per cent more e-hongbao given out compared to last year.
This is despite the lifting of COVID-19 restrictions allowing families and friends to meet face-to-face, regardless of group sizes.
Customers choosing to give digital red packets do not need to queue for new notes or stress over which red packets to use for Chinese New Year, said observers.
OFFERING CUSTOMERS CONVENIENCE
Hongbao, or red packets, are traditionally handed out by married couples to children or young relatives during Chinese New Year as a token of blessing.
Some banks have organised lucky draws to encourage customers to use digital red packets.
UOB said digital red packets have helped some customers to “save a lot of time”.
These customers do not need to queue up for new notes, pack them, or miss out on giving red packets to their loved ones, said Ms Choo Wan Sim, head of UOB TMRW Digital (Singapore).
“Importantly, we do think that it helps in sustainability,” she added.
DBS said customers are also getting more environmentally conscious.
The bank said the use of e-hongbao has increased by a third, compared to last year. But for customers who still prefer to hand out physical red packets, QR gift cards can be used.