Cash is no longer king

 
How can Singaporeans be encouraged to use “less cash, less cheques” in everyday life? What implications are there for businesses (including banks, card issuers)?

THE launch of PayNow certainly provides the convenience of a common payment ecosystem in shifting Singapore towards becoming a cashless society.

While this is currently a peer-to-peer platform, the government and banking industry should perhaps explore how they can enhance the platform to extend the service to merchants and businesses.

The cost involved in adopting cashless payment systems is one of the main barriers for small businesses and retailers. Government grants and incentives to offset the cost of such technology would certainly help encourage merchants to go cashless.

For individuals, it’s a matter of awareness and having confidence in the cybersecurity of the respective payment platforms. The participating banks and payments platform providers therefore need to ensure their cybersecurity is 100 per cent invulnerable to attacks, as well as invest in educating consumers and merchants on the convenience, efficiency and other benefits of the service, and even how to use their platform, especially for the older folk.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd