Govt agencies explore e-payment solutions for hawker centres, coffee shops
Read more at http://www.channelnewsasia.com/news/singapore/govt-agencies-explore-e-payment-solutions-for-hawker-centres-9157344
(Updated: )
Ricky Lim ·
mWallet via mobile apps is a good replacement of ezlink card as $5 non-refundable deposit is levy on each card.
No plastic card need to be issue for mWallet.
Unlike plastic credit card and debit card - it is issue free by the bank &/or mastercard or visa.
Also for hawker centre and coffee shops that use cash --- it has the lowest margin but the highest overhead vis a vis big corporaton.
For eg.
(1) Telco companies collect mobile charges via e-Payment without collecting cash or coins from the public. Eg. through giro, credit card payment, AXS machine, bank internet payment etc.
So Telco companies get the payment all in bank acccount without the overhead of managing coin and cash.
(2) Same as power and water bill.
But hawker centre, coffee shops - unlike retail stores that can accept Nets, credit card, debit card (ePayment) - will have the highest overhead of the need to keep changes for coin and cash - and need to deposit the coins and cashes with the banks - that have the overhead of counting cash, counting coins, maintaining ATMs to keep, collect cash and coins, escorting money, printing money etc.
Imagine if 6 million people got to maintain coins and cash to do small transactions -- the cost of overhead is very high for the Economy and the Country.
Eg. in China that have 1.6 billion people - the overhead to maintain and manage coins and cash will be 10 times over overhead and cost for the China Economy and the Country.
Thus using mWallet such as Alipay and WeChat - can do online bank transfer electronically and go straight to do bank account - without the need to manage physical coins and cash --- the saving will be tremendous.
Singapore to be competitive and cut cost - will need mobile e-payment - and imagine hawker and coffee shops of thousands and millions of store - the saving will be tremendous.
No plastic card need to be issue for mWallet.
Unlike plastic credit card and debit card - it is issue free by the bank &/or mastercard or visa.
Also for hawker centre and coffee shops that use cash --- it has the lowest margin but the highest overhead vis a vis big corporaton.
For eg.
(1) Telco companies collect mobile charges via e-Payment without collecting cash or coins from the public. Eg. through giro, credit card payment, AXS machine, bank internet payment etc.
So Telco companies get the payment all in bank acccount without the overhead of managing coin and cash.
(2) Same as power and water bill.
But hawker centre, coffee shops - unlike retail stores that can accept Nets, credit card, debit card (ePayment) - will have the highest overhead of the need to keep changes for coin and cash - and need to deposit the coins and cashes with the banks - that have the overhead of counting cash, counting coins, maintaining ATMs to keep, collect cash and coins, escorting money, printing money etc.
Imagine if 6 million people got to maintain coins and cash to do small transactions -- the cost of overhead is very high for the Economy and the Country.
Eg. in China that have 1.6 billion people - the overhead to maintain and manage coins and cash will be 10 times over overhead and cost for the China Economy and the Country.
Thus using mWallet such as Alipay and WeChat - can do online bank transfer electronically and go straight to do bank account - without the need to manage physical coins and cash --- the saving will be tremendous.
Singapore to be competitive and cut cost - will need mobile e-payment - and imagine hawker and coffee shops of thousands and millions of store - the saving will be tremendous.
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Ricky Lim ·
When financial transactions can be effected electronically via a small computer on the move (smart phone) or can be done via notebook, laptop or computer ---- then we can achieve more as Digital Economy - since all eCommerce transaction need to receive monies or make payment via electronically online, realtime.
E-payment via plastic card - is only a partial digitial economy - because plastic card is not a computer device - it is just an authentication card and information card - to effect a payment (it cannot receive payment).
E-payment via plastic card - is only a partial digitial economy - because plastic card is not a computer device - it is just an authentication card and information card - to effect a payment (it cannot receive payment).
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Ricky Lim ·
However, for mWallet to become a dominant ePayment scheme to take over credit card or debit card - it should inherit the incentive of credit card - like offering credit, earn linkpoints to other card system like NTUC Plus link, kopitian card, etc, offer incentives to retailers etc - because the savings from not managing cash and coins can be passed on to consumers and retailers as incentives to make mWallet via mobile apps more widely adopted.
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Ricky Lim ·
But there is still a need to maintain a plastic credit card or debit card - because as we travel overseas to Countries such as the West, US, Australia, Middle East, SE Asia Countries etc or buy air-tickets --- we still need the plastic credit card or debit card.
But for internal domestic payment, mWallet that can emulate and integrate credit card, debit card, QR code payment - via mobile apps will be productive, efficient and cost effective.
But for internal domestic payment, mWallet that can emulate and integrate credit card, debit card, QR code payment - via mobile apps will be productive, efficient and cost effective.
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