Maybank targets 100% growth in 2021 e-Angpao transactions, amounting to US$14.8mil

• Expecting close to 1.7 million e-Angpao transactions amounting to over US$14.76mil
• e-Angpao can be sent via Maybank’s new MAE by Maybank2u app

The Covid-19 pandemic and the ensuing movement control order (MCO) in Malaysia means that, for many of us, Chinese New Year (CNY) will be a virtual celebration. This requires digitalisation in some aspects of CNY tradition and practices, including providing “angpao” (red packets) in virtual form.

To this end, Maybank is expecting a continued rise in e-Angpao adoption this year, and targets a 100% growth in both number and value of e-Angpao transactions for 2021. This is spurred by the “encouraging response” in 2020, where the number of e-Angpao transactions increased to 840,000.

For 2021, the bank is expecting close to 1.7 million e-Angpao transactions amounting to over US$14.8 million (RM60 million) to be sent by customers during the festive season.

“In light of the pandemic, the e-Angpao service provides our customers who are unable to meet with their families this Chinese New Year, a safe and convenient way to participate in the cherished tradition,” says John Chong (pic), Group Chief Executive Officer, Community Financial Services of Maybank.

“We hope that the e-Angpao will be able to give them a sense of normalcy and a chance to bond with their family members despite having to physical distance to keep everyone safe.”

Maybank customers can send e-Angpao to family and friends by clicking on the e-Angpao icon exclusively on Maybank’s new app, MAE by Maybank2u, from 8 February 2021 until 7 March 2021.

The e-Angpao can be sent via 2 ways through the e-Angpao icon on the MAE app – users can either use the ‘Send Money’ function for recipients with the MAE app, or use the ‘Scan & Pay’ function for recipients with a QR code-enabled banking app.

Customers who send a minimum of RM5 e-Angpao with the MAE app can also earn entries to participate in the ‘ALL SORTS OF ONG’ campaign. Customers stand a chance to win cash rewards, vouchers and prizes worth up to RM7 million, with the Grand Prize being a RM3,000 cash reward.

[RM1 = US$0.247]

The MAE App has garnered over 1 million users within less than 4 months since its inception on 8 October 2020. For more information on the Maybank e-Angpao service can be found at http://www.maybank2u.com.my/mae.