ZenBanx’s Red Envelope Program Makes “Gifting” Money Mobile

ZenBanx, a new digital bank founded by Arkadi Kuhlmann, who introduced savings focused internet banking with ING Direct in the late 1990’s, announced the launch of the ZenPay Red Envelope Program in California.

ZenPay’s Red Envelope Program will honor the ancient Chinese tradition of giving family and friends Red Envelopes containing monetary “Good Fortune” to celebrate Chinese New Year and other life milestones such as weddings and graduations. With the ZenPay peer-to-peer transfer app, a digital Red Envelope containing money and a message can be sent from the convenience of a smartphone.

“Keeping connected has become increasingly complicated when family and friends are physically separated because of studying, traveling, living or working elsewhere,” said Arkadi Kuhlmann, ZenBanx’s CEO. “The ZenPay program makes money mobile and enables family and friends to maintain long-standing relationships and traditions by sharing Red Envelope gifts with anyone who has a smartphone or email address.”

Arkadi Kuhlmann founded ZenBanx to make global banking simpler, cheaper and more social, and let people’s money move as freely as they do. ZenPay is the first domestic product introduction of ZenBanx. Later this year, the ZenBanx Account will launch allowing customers to hold up to five currencies, exchange currencies whenever they choose, and send money internationally to family and friends.

Mr. Kuhlmann continued: “You and I can move freely around the world, but moving money internationally has become costly and tedious. By making money mobile within a regulated banking environment, we can match customers’ needs for cheap, convenient and secure money transfers. ZenBanx is committed to keeping people connected to their family and lives elsewhere, and we look forward to sharing other product introductions in the coming months.”

The Red Envelope Program is easy to use and all money transfers are free. California residents can send money by downloading the app, entering the email address of the recipient and the amount to send. Transfers are funded from and deposited to any third-party bank account in the US. As an added incentive, customers will have the chance to win free “lucky money.”


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