Olive Tai Co-founder and Managing Director beautiful. The Singapore government is adept and experienced at mass education. At the same time, it is also key to ensure we are considering segments of the population that are not as comfortable with the use of mobile applications.
It is about striking the right balance and managing the associated risks to ensure that no one is left behind in a cashless society. Hence, seamless payment companies need to make it affordable and demonstrate value.
Companies and individuals should also be incentivised to go cashless with sustainable promotions or rewards.
In tandem, to accelerate the adoption of e-payments for businesses, all payment methods such as card schemes, direct debit from bank accounts and e-wallets should also adopt an inclusive approach to certify devices and solutions by third-party Payment service providers to accept their payments.
Cash means total financial inclusion, a luxury the better-off take for granted. Partnerships are key to achieving this. How far should society go cashless. If you transfer money to mobile wallet using IMPS, later you can pay from there.
Consumers today have many e-payments options - be it in-app payments, QR codes or mobile payments - and many have already adopted these as part and parcel of daily life, from commuting on public transport to shopping and dining out.
In addition, the service must be easy to use and understand with help readily available. But I am sure that most consumers will find cashless modes of payment easier, faster, and more convenient. Even if there are many systems, there must be a requirement that the systems can be inter-connected with a common protocol.
Banks need to make it more affordable and accessible for small businesses and customers. This is the biggest pain point. QR code acceptance platforms should be proliferated at food centres, wet markets and retail outlets for e-payments to be easily made with the click of the smart phone, like in China.
Many assume that the mobile succeeded where the landline failed, because the superior technology made widespread coverage more possible. And we are in the middle of this age of transformation right now.
More can be done to further improve the security around e-payments so that consumers can use them with full confidence. Setting up of Giro accounts should be simplified.
However, there are opportunities to expand acceptance and provide seamless and convenient electronic payment experiences for consumers and merchants.
Currently, Singapore has several payment platforms that do little to engage with the user. Philip Yuen Chief Executive Officer Deloitte Southeast Asia and Singapore IN Singapore, cashless payment adoption has been slow partly because of the ageing population, with a majority not yet exposed to or savvy enough to navigate the digital world.
Enhancing the interoperability of payment systems is a step in the right direction and points to the importance of industry collaboration and public-private partnership in democratising financial services and shaping a payments landscape that puts the consumer first. There are many reasons, both moral and practical, to want this.
Ltd THE points raised by the NUS students regarding the resilience of the technical infrastructure, availability of top-up machines and preparedness of certain demographic groups to support a completely cashless campus are valid and should be carefully considered as Singapore sets ambitious goals towards a cashless society.
The cons, on the other hand, are the security concerns and trust issues that our society have with banks and technology. It would be interesting to see if the tradition of giving cash in red and green packets during festive occasions will also go the cashless way.
How far cashless payment methods should be adopted ultimately depends on how much value it can bring to both sellers and buyers, in terms of efficiency, convenience, and cost for both sides. With the help of internet banking, we can handle our bank accounts online.
There will be less need to issue cheques, reduced handling of cash, fewer visits to ATMs and banks, and senders and recipients can transfer and receive cash safely and instantly. An anonymous reader writes: Dominic Frisby writes with a very interesting, albeit heavily opinionated, article from The Guardian discussing why we should all fear a cashless izu-onsen-shoheiso.com argues "it will hand yet more power to the financial sector in that banks and related fintech companies will oversee all.
LONDON — For kids growing up in today’s cashless society, the piggy bank is going virtual. Father of two Roland Hall turned to a British startup’s digital pocket money app because his kids were still too young to get bank cards from traditional banks.
Can we go ‘cashless’, how? In simple terms, transaction of amount from person to person or between organisations without any cash or bill but through credit cards, cheques, bank transactions, apps, wallets or any other electronic system is known as cashless-transaction.
“We should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue.
should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue.
The world is increasingly becoming a cashless society. See the progress in this monumental shift, along with the pros and cons behind the death of cash. Forced banishment of cash is a completely different thing, and we should be increasingly wary and suspicious of the real rationale behind such a scheme.
An anonymous reader writes: Dominic Frisby writes with a very interesting, albeit heavily opinionated, article from The Guardian discussing why we should all fear a cashless world. He argues "it will hand yet more power to the financial sector in that banks and related fintech companies will oversee.We should aim for a cashless