Digital red packets proving popular in S’pore during CNY as more look to beat queues for fresh notes

DBS saw 30% more unique users of QR gift cards during Chinese New Year in 2023 compared to that of 2022. — DBS Bank Ltd/The Straits Times/ANN

SINGAPORE: Digital red packets are giving the physical hongbao a fight for their money this Chinese New Year with banks in Singapore saying more customers are opting for electronic transfers because of convenience and the ability to gift in auspicious numbers.

Latest figures from local banks indicate a rise in e-gifting solutions, with some banks seeing customer adoption hitting a record high over the Chinese New Year period.