Why Singaporeis Going Digital This CNY
Hey folks!
If you’re planning to spread good vibes this Chinese New Year (CNY), the Monetary Authority of Singapore (MAS) is putting a playful nudge toward e‑cash. Think of it as a super‑green, hassle‑free way to light up the festive spirit.
Behind the Scenes
- MAS and the Association of Banks in Singapore (ABS) are teaming up to launch e‑gifting solutions that ditch the old physical hongbao (red packets).
- PayNow is becoming the go‑to for those who want to send instant cash gifts.
- DBS, OCBC, UOB, Standard Chartered, Maybank, and Citibank are front‑liners in this digital revolution.
DBS’ Winning Streak
Let’s talk numbers. DBS has been riding high on the QR Gift and eGift platforms—
- In 2021, their e‑gift wizardry saw a massive 74% jump in unique users.
- During this year’s CNY, $6.3 million was loaded onto QR Gift cards, up from $2.5 million last year.
That’s more cash flowing through screen‑based wallets than your grandma’s handwritten money transfers!
New Notes: A Wasteful Tradition?
Every festive season, MAS prints roughly 100 million fresh notes to keep the economy buzzing. The $2 notes, in particular, sneak back to MAS after the celebrations. They’re crushed because “they far exceed normal circulation demand,” they say.
Why is that a problem?
- Producing, shipping, and destroying all those fresh bills? It’s a hefty carbon foot‑print.
- It’s like pouring out a mountain of money into the landfill—none of our planet’s resources were in it for this.
Go Green Stuff!
For those who still love the tangible feel of a red packet:
- Opt for QR gift cards or re‑use existing notes.
- Singapore’s notes are in excellent condition—perfect for gifting.
If you’re head‑strong on new bills, you can reserve them online and collect them from participating branches. No line‑ups, no drama.
Pre‑Booking & Easy Access
- Pre‑booking opens on Jan 4, 2022.
- Take‑away and exclusive ATM withdrawals start from Jan 11, 2022.
- Pop‑up ATMs at DBS and selected UOB locations let you snag fresh notes without a booking.
And hey—people over 60 and those with disabilities are exempt from this digital push, so everyone gets their share of the festive joy.
In a Nutshell
By shifting toward e‑cash and digital gifting, MAS and banks are not just cutting queues; they’re also curbing that extra environmental “cost” of new cash. With many banks adopting modern tech like PayNow and QR gifts, the future of gifting might just be a tap away—plus it’s kinder to the planet.
So whether you pick the shiny QR card or the classic red packet, keep it fun, go green, and let the CNY celebrations shine bright without spinning out waste. Happy New Year!
