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.

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