Maybank sees 25% rise in e-red envelope transactions

In 2016, there were 15,000 e-ang pow transactions valued at more than 1.6 million ringgit.
Maybank’s group head of community financial services, Lim Hong Tat, said the bank was confident that its e-ang pow service would gain traction this year, given its increasing acceptance among the public.
“We have been very encouraged by the response to our festive services over the last two Hari Raya festivals, where e-duit raya transactions rose six-fold from 2015, as well as the level of usage for last year’s inaugural Chinese New Year e-ang pow and Deepavali DeepaMONEY services,” he said in a statement on Thursday. 
Hari Raya, known elsewhere as Eid al-Fitr, is a Muslim festival celebrated annually in Malaysia to mark the end of Ramadan. Deepavali or Diwali is the Hindu Festival of Lights.
“This service is not only secure, convenient and environmentally friendly, it is especially useful for those who still want to send ang pows to loved ones far away,” he added. 
Lim said Maybank expected the value of e-ang pow transactions to exceed 2 million ringgit this year, with the number of users of this service rising to more than 12,000 from some 10,000 in 2016.
“The fact that many customers are sending multiple e-ang pows reflects their confidence and growing acceptance for such electronic means in festive giving,” he said. 
“The increasing use of online and mobile banking is driving greater usage of our digital services today, and is expected to further strengthen our presence in this segment.” 
With the increasing trend of online banking, Maybank recorded 237 billion ringgit in transaction value for the year 2016, a 36-per-cent increase from 2015 with a 41-per-cent increase in total transactions. 
In the third quarter of 2016, Maybank had a 63-per-cent market share in mobile banking and a 52-per-cent share in online banking by transaction volume.
Lim also said that this year, Maybank would offer surprise rewards on selected days to customers who use the e-ang pow service to send money to their loved ones, as well as a number of other festive banking conveniences.
For those who wish to send cash gifts to loved ones overseas, Maybank is offering the M2U Visa Direct, in which the cash can be sent via Maybank2u for almost immediate credit into a recipient’s overseas Visa credit, debit or prepaid card, at a minimal cost of 10 ringgit.
“We have not forgotten those who prefer the traditional way of presenting ang pows and have made it easier to obtain new |10-ringgit and 50-ringgit notes |in 78 selected ATMs across our network in Malaysia,” Lim |said.
Kijang Emas gold coins are also available at selected Maybank branches. The bank said the gold-bullion coins offered long-term investment potential and came |in sizes of one-quarter, one-half and 1 troy ounce.Maybank card members can also enjoy up to 50 per cent off dining offers at participating hotels and restaurants, as well as redemptions at participating malls such as 1 Utama Shopping Mall, Avenue K, AEON BiG and more this Chinese New Year.