Revolut Singapore sees 70% hike in Chinese New Year e-cash gifting

Clients made over $4.5m in transfers and e-cash gifting during Christmas.

Revolut Singapore predicts a 70% uptick in local and cross-border electronic cash-gifting during the Chinese New Year period, a statement read.

Clients will now be able to send e-hong baos in 28 currencies, including HK$, A$, and NZ$ using Revolut’s Gifting feature.

Over the Christmas period in 2020, Revolut customers made over S$4.5m in local and cross-border transfers and in-app electronic cash-gifting. Cash-gifting in Singapore rose 67%, with 60% of these transactions being cross-border and went to recipients in international destinations such as the United Kingdom and Australia.

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