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With the advent of tech like PayNow and Google Pay, sending E-hongbaos has become the new common practice.
But collecting "Lennys" (or bemoaning the rarity of the elusive "BB Loh") is not the only way to earn cashback through the sending of E-hongbaos.
On Jan. 9, YouTrip, Singapore's leading multi-currency mobile wallet, also announced that it would unveil a CNY exclusive that promises up to S$888 cashback.
The cashback campaign lasts from Feb. 9 to Feb. 26, 2021.
New feature
To gain the cashback reward, all users have to do is send an E-hongbao, through YouTrip's newly released peer-to-peer transfer feature.
The feature allows users to send money safely and instantly in any of the 10 designated wallet currencies -- Singapore Dollar (SGD), United States Dollar (USD), Euro (EUR), Great British Pound(GBP), Japanese Yen (JPY), Hong Kong Dollar (HKD), Australian Dollar (AUD), New Zealand Dollar (NZD), Swiss Franc (CHF), or Swedish Krona (SEK).
For each of their first three transfers, users stand to be rewarded with a randomised cashback reward, ranging from S$0.80 to S$888.
All with no minimum amount required.
How to send an E-hongbao
To send an E-hongbao using YouTrip, one simply has to follow these steps:
- Tap on the “Send” button on the app's home screen
- Search for a friend on YouTrip by name or phone number
- Select the currency and enter any amount you'd like to send
Caecilia Chu, Co-Founder and CEO of YouTrip hoped to connect individuals who cannot physically be around their families this CNY:
“With our latest feature, we’re encouraged that we’re able to connect our users with their family and friends who might not be physically around to celebrate the festivities. Apart from gifting e-hongbaos, we’re looking forward to how our users will benefit from this for their online purchases, as well as travel spending when travel rebounds.”
The peer-to-peer transfer feature comes in lieu of a recent YouTrip survey, which found that 63 per cent found it a hassle to split a bill in foreign currencies, while 98 per cent are concerned about losing out in exchange rates when making or collecting payment as a group.
The new feature aims to resolve this pain point by simplifying foreign currency transfers between peers, at a preferential exchange rate.
Top image via YouTrip