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Kenneth Lou

Kenneth Lou

Level 14ยทCo-founder at Seedly

07 Jun 2019

What is your favourite cashless form of payment now and why?

With over 27 different payment providers riding on this whole SG QR initiative which is launching... and also with the old methods of NETS and VISA/MASTER/AMEX. Was wondering what are your top options and why you may be choosing that.

The list includes: PayNow, NETS, GrabPay, DBS PayLah, Singtel DASH, OCBC Pay AnyOne and AliPay.

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    Discussion (12)

    What are your thoughts?

    Ng Wei En

    Ng Wei En

    07 Jun 2019

    Level 8ยทAnalyst at Mastercard

    I am a huge advocate of all forms of cashless payments. Personally use Grabpay, Favepay, Visa/Mastercard through Apple Pay, Singtel Dash, Netspay. My preferred mode of cashless payment is always the one that offers the best cashback or rebate for that particular merchant:

    โ€‹

    For example,

    -Grabpay offers new promotions every month(e.g Liho, Toast Box,etc)

    -FavePay offers 5-10% cashback for subsequent purchases with several partnered merchants.

    -Netspay offers $0.50 off on Wednesdays and Fridays at campus canteens

    -Apple Pay provides the convenience for me to use my debit cards via a contactless method(used to have promos when Apple Pay just debuted)

    โ€‹

    During the DBS Beep Beep Kaching promotion that lasted about 6 months which unfortunately ended in Sep 2018, I tried to use contactless payment as much as possible to qualify for the minimum $400 in spending via contactless payments. This was done using NetsPay at NETS-only merchants and my DBS Visa Debit Card thru Apple Pay(or Paywave) at merchants that accept credit/debit cards. I was able to earn between $40-$50 cashback per month with a minimum spending of $400 and cashback capped at $50 with spending of $500 per month. This 10% cashback comes with a condition that no cash withdrawals can be made via ATM. During this period, I withdrew cash from an alternative bank account whenever I needed cash.

    โ€‹

    To answer the question, my favourite cashless form of payment is the one that rewards me the most at the time of transaction.

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      In terms of cashbacks/benefits - I like Fave. On top of that, they have some pretty sweet deals for food now and then, which brings cost per pax for a meal to $3/4.

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        DBS paylah. because NUS gives discounts for that! :D

        โ€‹

        Otherwise, i honestly still go back to visa...

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