facebookI'm doing a final semester report on why Singapore is behind in the cashless wave and when we will move to a full cashless nation? Interested to know the community opinion here? - Seedly

Anonymous

07 Jun 2019

Random

I'm doing a final semester report on why Singapore is behind in the cashless wave and when we will move to a full cashless nation? Interested to know the community opinion here?

My year end thesis is that Singapore has a huge legacy system with different stakeholders which are too powerful and pulling users in their own directions. What about you?

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  1. Governemet behind it
  2. Cashless payments provide more discounts/benefits
  3. Allows for easier trackment of payments

Moving to cashless society will take quite a while. New technology adoption by firms has too been slow regardless of policies which can provide cost-saving with implementation of better tech. Now, the scale is the entire Singapore. It is entirely feasible, but it'll be a slow transition. Cashless payments aren't all that convenient in certain cases, hawkers in wet markets, street buskers, karang guni all prefer the cash-and-carry system. Government has to either incentivise more or mandate it to make the shift faster.

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Loh Tat Tian

24 Nov 2018

Founder at PolicyWoke (We Buy Insurance Policies)

You know you can't quote Seedly Right.?

Anyway, look at the issues surrounding the quick take up of cashless payment in China, versus Singapore.
From what I do know, it reduced the hassle of money and risk of loss (if paper money). And the banks all Honor it.

Then look into our strong card use, and also Hawker centres and misc uses.

I'd say the idea of a fully cashless nation is one that is still highly experimental (imho).

Even...

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