Cash transactions also incur significant costs, says Janil Puthucheary
Speaking on 938NOW's Talkback programme, Dr Puthucheary agrees transaction cost is a hurdle in getting people to adopt e-payments but points out that there are costs for cash payments too.
(Updated: )
Ricky Lim ·
“When you go to the ATM, someone had to stock that ATM, manage the cash and maintain the ATM," he said. "And then when you take it from the ATM to the cashier, after the cashier puts it in the machine, later on it also has to be hauled back to the bank and recycled," Dr Puthucheary said during 938NOW's Talkback programme on Friday (Mar 2).
"So there’s a cost associated with processing cash. Someone pays that cost."
Dr Puthucheary stressed that going cashless has to be something that is easier and better for consumers, but he said the private sector is very supportive because cashless payments will help to drive down their business costs.
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Posted in :- Saturday, October 7, 2017
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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.
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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
"So there’s a cost associated with processing cash. Someone pays that cost."
Dr Puthucheary stressed that going cashless has to be something that is easier and better for consumers, but he said the private sector is very supportive because cashless payments will help to drive down their business costs.
---
Posted in :- Saturday, October 7, 2017
Ricky Lim ·
Singapore
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.
Like · Reply · Just now
Ricky Lim ·
Singapore
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 ·
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
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
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