Cashless in Singapore: Going wallet-free for a weekend
Read more at http://www.channelnewsasia.com/news/singapore/cashless-in-singapore-going-wallet-free-for-a-weekend-9287328
Ricky Lim ·
It was late morning at a crowded hawker centre in Toa Payoh, and I was holding up a line of people as I struggled to pay for my breakfast with a mobile phone that stubbornly refused to recognise my thumbprint.
---
Thought you should set 2 redundant mode of access to your phone eg :-
(1) Fingerprint access - if it fail
(2) Use for eg. pattern recognition or pin code access
---
Thought you should set 2 redundant mode of access to your phone eg :-
(1) Fingerprint access - if it fail
(2) Use for eg. pattern recognition or pin code access
Like · Reply · Just now
Ricky Lim ·
It seemed like it would be a tall order to survive without any cash for a weekend, and live to tell the tale. But after researching and writing a previous story on the availability of cashless payment options in hawker centres, I was encouraged to see how doable it could be. To sweeten the deal, I had also found out that some cashless payment modes like Liquid Pay offered discounts and incentives for customers who pay through their app.
Liquid Pay currently offers a voucher through its mobile app for 20 per cent off food at selected hawker stalls. (Photo: Lianne Chia)
---
This Liquid Pay deduction of 20 per cent off food - will entice people to use QR code cashless payment.
It is cheaper to pay cash for a $5 food just of $4 - a $1 deduction.
I will switch to QR code if this is the case.
Liquid Pay currently offers a voucher through its mobile app for 20 per cent off food at selected hawker stalls. (Photo: Lianne Chia)
---
This Liquid Pay deduction of 20 per cent off food - will entice people to use QR code cashless payment.
It is cheaper to pay cash for a $5 food just of $4 - a $1 deduction.
I will switch to QR code if this is the case.
Like · Reply · Just now
Ricky Lim ·
That is, if we don't disrupt or adopt disruption - we will be disrupted and got replaced.
Like · Reply · Just now
Reply · 4 hrs
Teo Seng Huat ·
Ricky Lim ,paying by cash don't leave us behind, knowledge is to be learnt not showing off u possess a h/p,
Lee Henry ·
Ricky Lim In principle , I agree with you. In practice, are you able to solve the problems of machines breaking down, elderly and young children who have no mobile phones with data to buy food, elderly who only have sufficient cash in hand but not in their bank account? If you can solve all these problems easily, I say, push for cashless. But we don't have ready answers for these practical constraints and yet we keep pushing for it, it is going to rile a lot of people. It is easy for you, I am sure, Mr Ricky, but spare a thought for the rest who will encounter problems.
Lee Henry ·
Rolling out cashless options will not be problem free, we need to anticipate that. But up till today, I have not heard of more concrete actions to help those who may have difficulties. Yes I have seen those MRT ambassadors trying to teach the elderly how to top up. Anything else? How will young children without mobile phones pay for their food if more places were to go cashless? That is one of my main concerns.
Like · Reply · 8 mins
Ricky Lim ·
Lee Henry - To answer the question :-
(a) Machines can easily break down.
- that is correct, i have seen ATM that dispense cash break down more often than telco network breakdown.
- in fact all the current mode of POS devices are active devices will break down more often compare to QR code which is a passive machine code. The active device is the smartphone associating with the telco base station - in the vicinity and will have overlapped signal from another base station.
The only possible failure is that you forgot to charge your handphone (as good as not bringing your wallet with cash, or ATM fail, or POS fail).
(b) People don't know how to use QR code
- it is only 3 steps - a 6 year old toddler know how to use it.
- ATM machine will be more complicated as compare to QR code.
(a) Machines can easily break down.
- that is correct, i have seen ATM that dispense cash break down more often than telco network breakdown.
- in fact all the current mode of POS devices are active devices will break down more often compare to QR code which is a passive machine code. The active device is the smartphone associating with the telco base station - in the vicinity and will have overlapped signal from another base station.
The only possible failure is that you forgot to charge your handphone (as good as not bringing your wallet with cash, or ATM fail, or POS fail).
(b) People don't know how to use QR code
- it is only 3 steps - a 6 year old toddler know how to use it.
- ATM machine will be more complicated as compare to QR code.
Like · Reply · Just now
Ricky Lim ·
Teo Seng Huat -
Posted on :-
11 Aug 2017 02:41PM
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim · Singapore
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.
Posted on :-
11 Aug 2017 02:41PM
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim · Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Also i have seen children in primary school and secondary school, jc, polytechnics, U --- many carry handphones - they are more smartphone savvy then many people - they don't know how to use payment through QR code?
I wonder......
Also if children are not entrusted to carry handphones --- which many are carrying now ...... are children entrusted to carry cash?
I wonder......
Also if children are not entrusted to carry handphones --- which many are carrying now ...... are children entrusted to carry cash?
Like · Reply · Just now
Ricky Lim ·
Now i know why uber, grab - can disrupt taxi drivers easily with their mobile apps - and get millenial customers.
Now i know why online ecommerce - can snatch traditional retail stores business.
etc etc.
Because they disrupt and adopt disruptions.
But many old Singaporeans want to stay status quo and want to be disrupted --- and then when jobs got taken away ---- kpkb and blame pap lah, govt lah, everyone else lah - except themselves.....
Now i know why online ecommerce - can snatch traditional retail stores business.
etc etc.
Because they disrupt and adopt disruptions.
But many old Singaporeans want to stay status quo and want to be disrupted --- and then when jobs got taken away ---- kpkb and blame pap lah, govt lah, everyone else lah - except themselves.....
Like · Reply · Just now
Lee Henry ·
Ricky Lim you probably don't have young children and that's why you generalize that way. If I want my son to tabao food, I just give him a $10 note. If now every stall goes cashless, am I supposed to quickly buy him a mobile phone with data? Or will adults end up buying food for the kids who will sit around waiting to be served? As much as most of us already recognise the convenience of going cashless, we also want to hear what steps are going to be implemented to mitigate against those practical constraints I mentioned earlier. And I note you have selectively chosen not to answer my point on some elderly(and perhaps even some not so elderly)who have only enough cash in hand and barely enough in the bank. What help would you suggest to be given to them to go cashless?
Ricky Lim ·
Lee Henry - Actually quite simple, for those who are ready, go ahead with cashless and enjoy the cash incentive eg. 20% benefit.
$5 food, need only to pay $4 via QR code.
$10, need only to pay $8 via QR code.
The cash benefits will entice many to switch.
Those who cannot, insist on not switching will pay 20% more.
$5 food, need only to pay $4 via QR code.
$10, need only to pay $8 via QR code.
The cash benefits will entice many to switch.
Those who cannot, insist on not switching will pay 20% more.
Like · Reply · Just now
Ricky Lim ·
In China, the elderly, the young kids - majority are using QR code and very minimal cash.
Wonder how come China is smarter than Singaporean elderly and kids to use QR code and Singaporeans cannot?
Also, now almost many things under the sun, is using mobile apps for day to day services :-
(1) eg. apps to check bus arrival
(2) apps to call taxi services eg. grab, uber
(3) apps to whatsapp, sms, make call, surf nets
(4) apps to make mWallet QR code eg. paynow, paylah, payanyone, paymighty blah blah
(5) apps to do internet banking
(6) apps to email
(7) apps to do eOnline retail purchases
(8) apps to so many things .................... blah blah blah....
so wonder how do Singaporeans progress in Digital Economy, eCommerce, Smart nation ---- if people still so apprehensive to use mobile phones --- and Singapore has the largest mobile phone and internet penetration in the World ............
Wonder how come China is smarter than Singaporean elderly and kids to use QR code and Singaporeans cannot?
Also, now almost many things under the sun, is using mobile apps for day to day services :-
(1) eg. apps to check bus arrival
(2) apps to call taxi services eg. grab, uber
(3) apps to whatsapp, sms, make call, surf nets
(4) apps to make mWallet QR code eg. paynow, paylah, payanyone, paymighty blah blah
(5) apps to do internet banking
(6) apps to email
(7) apps to do eOnline retail purchases
(8) apps to so many things .................... blah blah blah....
so wonder how do Singaporeans progress in Digital Economy, eCommerce, Smart nation ---- if people still so apprehensive to use mobile phones --- and Singapore has the largest mobile phone and internet penetration in the World ............
Like · Reply · Just now
Ricky Lim ·
Imagine if China use cash and need to access to ATMs to dispense cash ----- China's cost of maintaining cash will be exponential --- probably running up to trillion of dollars to maintain cash.
Every 2 km one ATM - China will need to manage trillions of ATMs to serve its population - and China go bankrupt.
Singapore so small area --- already have thousands and thousands of ATMs --- already running into billion dollars in cash. By reducing the ATMs and move to QR code - more cash incentive can be given to cashless users that use QR code.
Every 2 km one ATM - China will need to manage trillions of ATMs to serve its population - and China go bankrupt.
Singapore so small area --- already have thousands and thousands of ATMs --- already running into billion dollars in cash. By reducing the ATMs and move to QR code - more cash incentive can be given to cashless users that use QR code.
Like · Reply · Just now
Ricky Lim ·
In summary, using cash and coin - has become an inefficient and non-cost effective way to fuel an Economy.
A small Country like Singapore with small space area - need to maintain multiple thousands of ATMs to distribute, maintain cash - that run into billons of dollars per year.
Where cashless will drastically reduced the cost and overhead of using cash - whereby cost savings can be redistributed to Singaporeans in the form of cash incentives, social welfare benefits if we use cashless means of transaction to fuel the Economy.
A small Country like Singapore with small space area - need to maintain multiple thousands of ATMs to distribute, maintain cash - that run into billons of dollars per year.
Where cashless will drastically reduced the cost and overhead of using cash - whereby cost savings can be redistributed to Singaporeans in the form of cash incentives, social welfare benefits if we use cashless means of transaction to fuel the Economy.
Like · Reply · Just now
Ricky Lim ·
China with billions of people - old, young, literate, illiterate - can move faster than Singapore of only about 5.6 million people --- demonstrate that China people is hungry for success, street smart and can move fast to adopt disruptive technologies to succeed.
Here many educated Singaporeans - cannot see the benefits, the opportunities - but talk 3 talk 4 when disruptive technologies provide us the opportunities to succeed - and does not know how to grasp the opportunities.
Later when kenna disrupted, lost the jobs --- kpkb - and blame pap lah, govt lah, father mother lah, eveyone else lah -- except themselves.
Here many educated Singaporeans - cannot see the benefits, the opportunities - but talk 3 talk 4 when disruptive technologies provide us the opportunities to succeed - and does not know how to grasp the opportunities.
Later when kenna disrupted, lost the jobs --- kpkb - and blame pap lah, govt lah, father mother lah, eveyone else lah -- except themselves.
No comments:
Post a Comment