DBS is introducing a new way to celebrate Chinese New Year (CNY) this year with the pilot launch of a loadable QR red packet (DBS QR Ang Bao), a global first. The DBS QR Ang Bao offers a fun, digital twist on the age-old tradition of red packet exchange, allowing DBS PayLah! users to preserve the traditional act of giving and receiving physical red packets, while eliminating the use of cash.
This pioneering solution allows users to go beyond simply scanning or generating QR codes to make payments and fund transfers. DBS QR Ang Baos provide users with the ability to ‘load’ their desired cash values onto unique QR codes – the first time in the world that this functionality is being introduced in QR codes.
How DBS QR Ang Baos work
Using DBS PayLah!, Singapore’s most popular mobile wallet with more than one million users, customers simply need to scan a unique QR code on a DBS QR Ang Bao to ‘load’ a cash value of up to SGD 999. They may then gift the DBS QR Ang Bao to their family and friends, who can scan the QR code with their own DBS PayLah! app to receive the loaded amount. Watch a short video on how the DBS QR Ang Bao works:
Said Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, “In the spirit of celebration and reinvention this Chinese New Year, we decided to introduce a fresh, digital take on the traditional red packet exchange, while retaining the meaningfulness of the physical act of giving and receiving red packets itself. The pilot also showcases the different, unexpected ways in which digital funds can replace cash. The DBS QR Ang Bao is ideal for time-starved customers who hope to forgo the usual hassle of obtaining new notes for CNY, or for those who embrace the spirit of being early adopters and appreciate having conversation-starters during family gatherings.”
Each DBS QR Ang Bao contains a unique QR code and serial number for added security, and users can easily cancel a particular DBS QR Ang Bao’s loaded funds via the DBS PayLah! app in the event that it gets lost or stolen.
This latest innovation comes on the back of the rising popularity of DBS PayLah!’s eAng Baos – the first eAng Baos to be introduced to Singapore in 2015. eAng Baos reached a record number of transactions in 2018, with the number of eAng Baos sent in 2018 being six times higher than that of 2017.
How to get your DBS QR Ang Baos
Starting 25 January 2019, limited quantities of DBS QR Ang Baos will be made available to customers who wish to try them out. Two sets (in packs of eight) of DBS QR Ang Baos will be distributed to customers at 95 DBS/POSB branches or POSB Pop-Up ATMs island-wide, subject to availability.
The DBS QR Ang Baos will be valid for use from 25 January 2019 to 15 March 2019; funds not redeemed by 15 March 2019 will be refunded to the givers.
Introducing the DBS PayLah! QR Ang Bao Contest
Customers who successfully send or redeem a DBS QR Ang Bao or DBS PayLah! eAng Bao are eligible to participate in the DBS PayLah! QR Ang Bao Contest.
From 5 February to 19 February, daily prizes of SGD 188 will be awarded to ten customers with the highest number of qualifying transactions at the end of each day. In addition, the customer with the highest cumulative number of qualifying transactions from 1 February to 19 February will walk away with the grand prize of SGD 8,888. A qualifying transaction is defined as a successful DBS QR Ang Bao or DBS PayLah! eAng Bao transaction between a unique giver-receiver pair (i.e. multiple transactions between the same giver-receiver pair are counted as one transaction).
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