While paying electronically is quick and convenient, it also adds layers of complexity in terms of security and ensuring that retailers accept the relevant modes of payment.
The rise of mobile and electronic payments means faster, convenient, and more efficient purchases in most instances. So, from this perspective, one way that we can move faster to a cashless society is by spreading such incentives across more of our digital products and services.
David Leong Managing Director PeopleWorldwide Consulting Private Limited IN Singapore, our government has to spur the cashless movement by encouraging PayNow, an enhanced peer-to-peer funds transfer service available to customers of major participating banks.
Lynette Seah Founder and CEO Alpha7 THE older generation is not as tech savvy as the younger cohorts and might find it very challenging to change the way they live, using cash for daily living.
As the EY report explains, there is a reason why the percentage of the population who are using fintech on a regular basis in emerging markets is substantially higher than that in developed economies.
There will be societal segments who struggle with using technology, including e-payments. Ultimately, e-payment solutions can offer greater convenience and security, as they are instant, paperless and have better traceability.
Dolly Goh CEO Singapore National Co-operative Federation TO increase adoption of e-payments, the financial sector needs to use "common man" language in helping to educate the man-in-the-street on e-payment service features and benefits as well as providing them with incentives to use them.
All this means certainty, judicially and overall. We should aspire to the level of Sweden where cash payments amount to less than 2 per cent of gross domestic product GDPand cash is no longer king.
However, in my opinion, these commentators were jumping to conclusions based entirely on the FAI rankings, and that suggests they might not have read through the whole EY report properly. This would reduce the barriers to technology adoption for both customers and businesses.
But cash will always remain an option. Those who are un-banked or under-served will now be able to transact more efficiently and less costly, without going through intermediaries, such as banks. In fact, local consumers are often more concerned about stability, reliability and security than convenience or speed when deciding which e-payment platform to use.
All money would presumably be stored under the same banking system umbrella, and even the most prudent savers could be taxed with negative rates to encourage consumer spending. I am referring to visitors from China, Hong Kong and the like. At Equinix, we believe that interconnection between fintech and traditional financial services institutions FSI companies is critical to evolving the ecosystem to meet consumer demand for a seamless e-payment experience.
Hang on to your cash. It is certainly an exciting time for commerce - but there is still more to do. While these conditions are key for Singapore to go cashless, success is still contingent on consumer adoption.
Another problem is access to e-money. If we can look towards other platforms - such as WhatsApp - to engage them, then we can encourage more to embrace cashless payments.
However, there are still a lot of banknotes in circulation around the world. Europe achieved this earlier this century. Currently, Singapore has several payment platforms that do little to engage with the user.
The key is really user experience and therefore it is vital for banks and service providers to centre innovation around the customer experience. For example, many people in Hong Kong still prefer to pay by credit card in order to claim the cash rewards or discounts they offer.
Cheques today are still one of the largest sources of fraud - the adoption of cashless systems might counter that problem. The elimination of actual cash might even reduce black money and crimes such as money laundering.
Partnerships are key to achieving this. This could in turn dissuade wider usage. The unders increasingly seem to regard forking out actual coins as akin to bartering with seashells No more saving coppers in jars, dropping spare coins in charity boxes; no cash means no change, the end of that faint illusion of getting something back on the transaction.
It suggests that we will need to facilitate the central bank and all institutional players reducing reliance on cash, and adopt technological platforms to focus on being "less cash" first, before attempting to be "cashless" within the span of time envisioned.
As a major financial centre, Singapore has no other choice - cashless payment has to be the way. We should also look into linking our e-payment system with the Cirrus and Plus interbank networks so that even tourists here can make payments by directly debiting their bank account.
Second is speedy, patient and lucid helplines, easily connected. This includes having zero cheques for the future.The rise of the cashless city: 'There is this real danger of exclusion' We might not be able to create a completely cashless India, but we can aim to.
While there is no definite answer for how "cashless" we should be as a country, a good place to aim for might be where financial systems can allow ecosystem players to seamlessly and consistently switch between cash and cashless solutions across everyday transactions, between merchants, and even over national boundaries.
“We should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue.
Taking advantages of the rapid advancements in technology, more and more citizens in first world countries such as Australia are becoming increasingly dependent on methods of payment that do not.
A cashless future? Sounds like a dream but don’t be fooled once again spelled out the company’s aim to wean the world off 21 Mar Why we should fear a cashless world.
Has cash had. Should the world become a cashless society? 17% Say Yes 83% Say No We don't need cash. If we get rid of cash it would be so much easier to pay for everything. You would no longer need to worry about losing your cash because everything would be on your phone.
I think we can go cashless without a chip in our body. I like cash, but there are. The world is increasingly becoming a cashless society.
See the progress in this monumental shift, along with the pros and cons behind the death of cash. Forced banishment of cash is a completely different thing, and we should be increasingly wary and suspicious of the real rationale behind such a scheme.Download