More and more Singaporeans are able to go cashless these days, due to the growing number of electronic payment (e-payment) options.
This is removing the need for even credit cards, provided that people’s wallets are linked to their smartphones.
This trend is leading the country further into becoming a digital economy.
E-payments bring advantages to both merchants and consumers, since they are highly convenient to consumers, and they increase productivity while decreasing costs for transactions for business owners.
DBS is one of the pioneers of this trend, having launched DBS PayLah!, an application on cellphones that allows for the transfer of funds through the mobile number of the receiver. PayLah! can now be used by more businesses, since customers can use QR codes for payment. Every day, over fifty thousand transactions are done via PayLah!
In 2016, car hailing company Grab introduced GrabPay, a mobile wallet solution allowing for passengers to go cashless as well. Since Grab has several platforms as well as various partner merchants, GrabPay has really taken off among regular Grab users. And because Grab is ubiquitous throughout the South East Asian region, users find GrabPay to be convenient in different countries.
The managing director for GrabPay Singapore/Malaysia/Philippines, Ooi Huey Tyng, says, “Our goal is to be the Asean wallet, the only wallet you need when you travel anywhere.”
Another developments in the country’s digital economy horizon is he Singapore Quick Response Code (SGQR).This is the first unified payment QR code around the globe, and was launched in September. To date, it has adopted 27 payments themes in all, including NETS and PayNow.
Seniors have also been encouraged to use e-payments via the POSB Smart Senior Programme.