SEC’s Mr Liow noted that the demand for physical red packets is unlikely to completely go away, as there will be people “who expect red packets for various reasons”.įor example, this could include children under 12 and Singaporeans above age 70 who do not have mobile phones or are not “sufficiently tech savvy”. The amounts transacted also tripled compared to 2018.
In the two weeks before and after Chinese New Year in 2019, customers performed twice the number of transactions on the app compared to 2018, he said, adding that the bank has encouraged customers to perform digital deposits over the past two years. “By doing away with the need for cash, DBS QR Gift aims to lessen wastage caused by the printing of new notes and presents a more sustainable option to gifting,” he added.Īccording to Mr Sunny Quek, who heads consumer financial services (Singapore) at OCBC bank, its Pay Anyone mobile app has become more popular especially around Chinese New Year and ‘Li Chun’, which refers to auspicious times for people to deposit money into their bank accounts. Noting that the QR Gift is a “more environmentally friendly option”, Mr Soo said that based on the bank’s calculations, an equivalent of 600 trees in total carbon emissions would be saved if all of its customers reduced their cash withdrawal by 1 per cent. Over S$1.5 million was loaded onto its QR gift cards when this was piloted over the Chinese New Year season in 2019, according to DBS. The banks have also been encouraging Singaporeans to opt for digital transfers or deposits especially over the Chinese New Year season, and according to them, their efforts over the past few years are paying off. LISTEN: Will you give an e-hongbao this Chinese New Year? A Heart of the Matter podcast episode While we try to ensure there is little excess every year, we’re also mindful that DBS (and) POSB hong baos are much sought after each year by our customers,” said Mr Soo, adding that the bank has removed the plastic packaging for the red packets to reduce waste. “Each year we assess the demand for our hong baos and adjust the amount to be printed. The usage of these extra materials used in the manufacture also requires more resources, thus contributing even further to one’s carbon footprint,” said SEC's Mr Liow.Įven as more red packets are recycled, banks are also scaling down on the number of red packets they print.Īccording to Ms Koh, OCBC printed 15 per cent fewer red packets this year compared to 2019.ĭBS printed 20 per cent fewer red packets this year, said Mr Jeremy Soo, managing director and head of consumer banking group (Singapore). Some 15 million red packets were produced this year, compared to the average of 20 million in previous years. “As a whole, any item made up of mixed materials cannot be recycled in a Materials Recovery Facilities and needs to be incinerated. Red packets not made from paper are not recyclable. Paper mills prefer red packets that are not printed with huge amounts of red ink, gold ink or glitter, said the spokesman. "Typically, recyclability needs to be incorporated into product design for it to work,” he added. There will still be some red packets – about 20 per cent to 30 per cent - which will not be suitable for recycling, said the spokesman for Tay Paper Recycling. UOB will work with an international upcycling firm to convert the red packets collected from 20 branches islandwide to turn them into functional furniture, which will be donated to charity, said a spokesperson. OCBC will also be collecting used and excess red packets at all branches, and they will then be sent to Tay Paper to be pulped and made into cardboard boxes, said Ms Koh Ching Ching, head of group brand and communications. This year, the bank plans to have red packet collection boxes at its full-service branches throughout the year.
In 2019, DBS set up red packet recycling bins at all DBS and POSB outlets for about a month.
The company chalks this up to more specialised red packet recycling initiatives, such as collection boxes outside banks, which “really have taken off” in 2019, said a spokesman. These initiatives ensure that the red packets are not only fit for recycling but also delivered to responsible recyclers, he said.
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