(9 February 2024 – Hong Kong) Hong Kong banks are actively promoting digital e-lai see payment methods as sending and receiving lucky money electronically is fast surpassing the traditional approach to giving red envelopes with cash.
Online-only challenger banks such as Mox and WeLab and traditional banks such as HSBC, Bank of China Hong Kong (BOCHK) and Citi have launched marketing campaigns to encourage customers to send money electronically with giveaways such as frequent flyer points, shopping vouchers and lucky draws.
HSBC customers automatically enter a lucky draw for shopping vouchers worth up to HK$888 when they use the PayMe mobile payment app.
“Lunar New Year is a good period for us, and that is why we have launched the e-lai see special promotion to encourage customers to use Mox for their transactions and spending” said Mox Bank CEO Barbaros Uygun.
The Hong Kong Monetary Authority (HKMA) has encouraged the use of e-lai see in recent years because of environmental advantages, such as cutting down on the use of cotton for printing new banknotes and reducing emissions from their transport. It takes 400 tonnes of cotton to produce 300 million banknotes, according to the HKMA.
