DBS’ QR Ang Bao Sees Nearly SGD$3 Million in Transaction So Farby Fintech News Singapore February 6, 2020
DBS QR Gift, a QR-based payment solution for Ang Bao’s has nearly double its transaction this year. This Chinese New Year, nearly $SGD 2.7 million has been loaded onto DBS QR Gift card, this is compared to $SGD 1.5 million for the whole period of Chinese New Year.
Besides the growing popularity of mobile payments, this growth is likely further driven by the fact that DBS has opened up this service to all PayNow users.
Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, said,
“We’re heartened by the growing popularity and receptiveness of the public towards both the DBS QR Gift and DBS eGift, which show that more customers are appreciating the convenience that digital alternatives bring. For some, such as those with family members and loved ones living overseas, going digital might be the only way they can celebrate CNY together. We will continue to iterate and improve on our digital alternatives, which can be used without compromising on the traditional acts that embody the spirit of CNY – the exchanging of blessings through physical gifting and festive greetings.”
In terms of demographics, usage of DBS QR Gift was relatively spread out across the various age groups, resonating most with those between 31 to 40 years old. In contrast, eGift appealed to a younger audience and was predominantly used by those between 21 to 30 years old.