Read more at http://www.channelnewsasia.com/news/singapore/singapore-aims-for-fully-cashless-transport-system-by-2020-lta-9114728
(Updated: )
Ricky Lim ·
Cashless transactions have been adopted widely by many developing Countries like China using QR code via mobile wallet.
Countries such as India, even some Africa Countries are using cashless transactions plus some ASEAN countries.
Cashless transactions will make Countries economically competitive as cost for printing money, escorting money, distribution of money via ATM etc, bank counters etc will be greatly reduced.
Also large transactions can be done online - and this will facilitate digital economy, ecommerce with click of a few buttons - without the constraint of the amount of cash a person can carry - which will help to fuel economic growth.
Countries such as India, even some Africa Countries are using cashless transactions plus some ASEAN countries.
Cashless transactions will make Countries economically competitive as cost for printing money, escorting money, distribution of money via ATM etc, bank counters etc will be greatly reduced.
Also large transactions can be done online - and this will facilitate digital economy, ecommerce with click of a few buttons - without the constraint of the amount of cash a person can carry - which will help to fuel economic growth.
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Ricky Lim ·
Assuming buying a car that cost $100,000, a person will need to carry a briefcase full of cash - probably escorted by 2 armed guards.
Beyond $100,000, a commercial transaction will not be possible.
But if cashless transaction is done, then there is no limit as to the amount of ecommerce transaction can be done - as it can be done online electronically.
This will increase economic growth many fold.
Beyond $100,000, a commercial transaction will not be possible.
But if cashless transaction is done, then there is no limit as to the amount of ecommerce transaction can be done - as it can be done online electronically.
This will increase economic growth many fold.
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Ricky Lim ·
The only catch is - is mobile wallet via Android phone safe and secure - as it can be hacked.
Elder less internet savvy will have problem using mobile phone for cashless transaction.
What about those that don't carry smartphone? Then cashless transaction via mWallet will not be possible.
Thus alternative cashless transaction not via smartphone will be needed.
Elder less internet savvy will have problem using mobile phone for cashless transaction.
What about those that don't carry smartphone? Then cashless transaction via mWallet will not be possible.
Thus alternative cashless transaction not via smartphone will be needed.
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Ricky Lim ·
In other words, cashless transaction, digital economy can help to fuel economic growth, increase consumption and boost business activities and economic activities - to supplement and open up new economic sectors.
This will help to create new jobs for those tech savvy sectors - such as those that create mobile apps for each traditional industrial and economic sector.
This will help business to grow and jobs to grow.
This will help to create new jobs for those tech savvy sectors - such as those that create mobile apps for each traditional industrial and economic sector.
This will help business to grow and jobs to grow.
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Ricky Lim ·
Daisy Lai - your parents did not teach you to have manners isn't it?
Your years of education have produced such a useless person like you - is the failure of your parents.
Your years of education have produced such a useless person like you - is the failure of your parents.
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Ricky Lim ·
It is a simple facts that developing countries and developed countries - can surpass us with digital economy, cashless transactions by being efficient, effective and cost savings.
Imagine in a cash society, assume few hundred billions of cash need to be printed and circulated - which will be a tremendous cost to Singapore.
And worst, the Economy will be constraint and limited by the few hundred billions of cash that are printed.
Cashless transactions and digital economy - will go beyond the cash printed - as the economic transactions are digital with no physical cash.
Noticed that the poor, elderly in China and some developing countries are quite savvy in using cashless means for transactions - like buying drinks, using rented bikes, hailing taxis, buying food from small retail stalls, vending machines etc.
Singapore is behind the curves and need to catch up - if Singapore want to be competitive to create business, create jobs and grow jobs.
So daisy lai - is just a useless person, foolish person with no foresight, a real true born loser, not worth mentioning.
Imagine in a cash society, assume few hundred billions of cash need to be printed and circulated - which will be a tremendous cost to Singapore.
And worst, the Economy will be constraint and limited by the few hundred billions of cash that are printed.
Cashless transactions and digital economy - will go beyond the cash printed - as the economic transactions are digital with no physical cash.
Noticed that the poor, elderly in China and some developing countries are quite savvy in using cashless means for transactions - like buying drinks, using rented bikes, hailing taxis, buying food from small retail stalls, vending machines etc.
Singapore is behind the curves and need to catch up - if Singapore want to be competitive to create business, create jobs and grow jobs.
So daisy lai - is just a useless person, foolish person with no foresight, a real true born loser, not worth mentioning.
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Ricky Lim ·
Digital Economy, cashless transactions can go beyond physical boundaries and grow business without being confined by physical boundaries or territories and will surely help Singapore to expand into another wing of economic growth.
This wisdom is too deep and profound for daisy lai with small brain to understand. That is why daisy lai is a born loser in our society and deserve to be so.
This wisdom is too deep and profound for daisy lai with small brain to understand. That is why daisy lai is a born loser in our society and deserve to be so.
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Ricky Lim ·
Imagine retail shops, hawkers etc got to carry bags and bags of coins, cash - everyday queue up in banks to deposit or withdraw cash --- it is alot of overhead and manpower to manage the coins and cash.
Imagine using cashless method or digital transactions - cash are deposited or paid in split second online - as business and consumer received or make payment instantaneously without any fuss and almost negligible overhead.
Imagine productivity increase many fold and economic growth improve significantly - with cashless and digital transactions.
Imagine using cashless method or digital transactions - cash are deposited or paid in split second online - as business and consumer received or make payment instantaneously without any fuss and almost negligible overhead.
Imagine productivity increase many fold and economic growth improve significantly - with cashless and digital transactions.
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