One way to send e-hongbao is via PayNow. Some Singaporeans prefer gifting new physical notes but these are often returned to the banks by the public after Chinese New Year anyway. MAS estimates that some 330 tonnes of carbon emissions are generated by the production of new notes each Chinese New Year.
MAS also added that going digital will complement safe management measures currently in place due to Covid-19. The most innovative fintech solution for e-gifting will receive special recognition at the Singapore FinTech Festival in November.
Those who still want to give physical notes for Chinese New Year will have to make an appointment using their bank’s online reservation system before visiting the branches to collect the new notes. Customers of these two banks are encouraged to place an online reservation for the notes before visiting the branches. Collection for online orders of new notes will also begin on Jan 25.
According to The Straight Times