'Less infrastructure is better': Carousell’s Quek on unified e-payments system for Singapore
Read more at http://www.channelnewsasia.com/news/singapore/less-infrastructure-is-better-carousell-s-quek-on-unified-e-9191214
Read more at http://www.channelnewsasia.com/news/singapore/less-infrastructure-is-better-carousell-s-quek-on-unified-e-9191214
Ricky Lim ·
A
KPMG study also revealed that processing cash and cheques does not come
cheap either. The cost – from transportation to storage and
incineration – came in at some S$2 billion for the whole of last year.
"The largest cost of operating a cash economy is largely borne by the Government and taxpayers, and unseen by users. This cost includes the printing of the cash notes and the overall management of cash, which includes the physical transfer of cash between the central bank and banks, to the various cash points such as bank branches and ATMs, as well as the removal and replacement of soiled notes and coins," Mr Leong explained.
Posted on 4 Sep 2017 :-
ricky l 0 seconds ago
The overall economy cost savings using ePayment and less cash and coins are significant - eg. less ATM (to install and maintain), manpower cost, security cost like cctv, security armed guards, printing money and coins, queues in bank, bank charges for depositing coins etc.
This can be passed back to retailers, hawkers and consumers by not levying charges for installing devices for QR code ePayment.
In the long run, this will make Singapore Economy financial transaction more cost effective, efficient and generate more Economic growth.
Reply
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"The largest cost of operating a cash economy is largely borne by the Government and taxpayers, and unseen by users. This cost includes the printing of the cash notes and the overall management of cash, which includes the physical transfer of cash between the central bank and banks, to the various cash points such as bank branches and ATMs, as well as the removal and replacement of soiled notes and coins," Mr Leong explained.
ANZ economist Ng Weiwen said the move towards
cashless payments could lower this cost and the savings could be passed
on to subsidising the infrastructure and interchange fees that come
along with cashless options.
“The whole notion of a Smart Nation is effectively doing things more efficiently from the Government's, business' and consumer's point of view,” he said. “So once workers get more efficient, they become more productive and will be able to command higher wages.
-----“The whole notion of a Smart Nation is effectively doing things more efficiently from the Government's, business' and consumer's point of view,” he said. “So once workers get more efficient, they become more productive and will be able to command higher wages.
Posted on 4 Sep 2017 :-
ricky l 0 seconds ago
The overall economy cost savings using ePayment and less cash and coins are significant - eg. less ATM (to install and maintain), manpower cost, security cost like cctv, security armed guards, printing money and coins, queues in bank, bank charges for depositing coins etc.
This can be passed back to retailers, hawkers and consumers by not levying charges for installing devices for QR code ePayment.
In the long run, this will make Singapore Economy financial transaction more cost effective, efficient and generate more Economic growth.
Reply
0 0
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