Digital Ang Baos are gaining popularity in Singapore, with DBS/POSB reporting a doubling of customers using their digital gifting services in 2024 compared to the previous year.
Over 70% of these customers were first-time users of the bank’s QR Ang Bao and eGift services, transferring a total of SGD 39 million during the Lunar New Year period.
For the upcoming Year of the Snake, DBS/POSB is enhancing its digital gifting options with a refreshed QR Ang Bao design and personalised eGifts.
Customers can choose between a classic DBS design and a new POSB version featuring the Smiley mascot, retaining the familiar slot-in design that mimics traditional red packets.
The QR Ang Bao service also includes a “click-and-deliver” option, allowing customers to order QR Ang Baos online and have them delivered directly to their doorstep.
This service gained popularity last year, with 150,000 QR Ang Baos delivered.
The eGift service now includes an option to upload photos from users’ galleries alongside festive greeting stickers, allowing for a more personal touch.
The shift toward digital gifting has also contributed to a 7% drop in cash withdrawals year-on-year.
Despite this, DBS/POSB continues to cater to customers who prefer traditional red packets.
Fit notes—used notes that have been checked for quality and are suitable for recirculation— and new notes can be reserved online from 7 to 19 January, with customers able to select their preferred denominations and collection times.
Reservation limits are set at SGD 800 for new notes and SGD 1,400 for Fit notes, with one reservation slot allowed per customer.
For added convenience, 72 pop-up ATMs across 48 locations will dispense Fit and new notes from 14 to 28 January.
This year, the number of pop-up ATMs providing Fit notes has increased by 50%, supporting the Monetary Authority of Singapore’s initiative to reduce the environmental impact of new note issuance.
Real-time queue updates and seating options at selected ATM locations will also be available via a DBS heatmap on the bank’s website.
To better serve seniors, dedicated collection slots will be available during branch operating hours for those who reserve notes online, while walk-in exchanges for Fit and new notes are restricted to customers aged 60 and above or those with disabilities.
DBS/POSB cardholders can have access to Lunar New Year deals, including discounts on Yu Sheng at Paradise Group and Din Tai Fung, and up to 25% off festive dining at select hotels.
Calvin Ong, Managing Director and Head of Consumer Banking Group, DBS Singapore, said,
“Our enhanced QR Ang Bao and eGift options enable personalised gifting with convenience and reduced environmental impact.
It’s heartening to see more customers embracing digital gifting each year, and we remain dedicated to delivering seamless, accessible gifting solutions and exciting promotions to make their Lunar New Year celebrations even more special.”
Featured image credit: Edited from Freepik
