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Banks see spike in e-hongbao usage over CNY weekend


SINGAPORE - More people are giving hongbao (red packets) to their loved ones through digital channels, with banks seeing a surge in e-hongbao adoption last weekend.
DBS Bank said more than 9,000 DBS eGift transactions were made over the first two days of Chinese New Year - last Friday and Saturday (Feb 12 and 13) - and this was a 108 per cent surge from the same period last year.
The total amount transacted also spiked 215 per cent to $595,000.
DBS also saw higher usage of its QR Gift cards, which are physical gift cards that substitute traditional red packets.
They allow users of the DBS PayLah! app to scan a QR code to load cash. Non-DBS customers can also receive the QR Gift as long as they have registered for PayNow. ....

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10 best e-wallets & mobile payment apps 2021: PayLah, GrabPay, Google Pay & more


There are generally 3 types of mobile payment apps in Singapore:
PayNow apps: Apps that allow you to scan a QR code and perform bank transfers via PayNow
E-wallets: These require you to top up and maintain a virtual account. Same concept as EZLink cards
NETS/credit card payments: Link your existing card to make contactless payment (i.e. PayWave)
PayNow
PayNow is not an app, but a payment method that powers some of these apps. Its biggest strength is that it’s very widely used in Singapore, with everyone and their mother accepting payment via PayNow.
PayNow lets you perform bank transfers just by entering the recipient’s phone number, NRIC/FIN (individuals) or UEN (businesses). No need to remember their bank account details. ....

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