Banks push for e-hongbao with QR-coded red paper amid high wastage from printing new notes

South-east Asia's largest bank DBS will be giving out red paper with a unique QR code printed on it to encode cash from Jan 25, 2019.
South-east Asia's largest bank DBS will be giving out red paper with a unique QR code printed on it to encode cash from Jan 25, 2019.PHOTO: DBS

SINGAPORE - With just over 100,000 e-red packet fund transfers in Singapore last year, one can hardly envision a cashless Chinese New Year (CNY) in the future.

This year, however, DBS Bank is giving a new spin to the digitalisation of red packets given during the festivities, hoping it would catch on among Singaporeans who still cannot do without the physical hongbao.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.