Friday, September 01, 2017

Make cashless payments voluntary and convenient

Some people are against cashless payment because they think of the 10% of people, who are elderly or poor, that cannot adapt to this method.

This worry is overdone.

We should encourage cashless payment to increase convenience and productivity. But it does not mean that cashless payment will replace the use of cash totally in the food courts and shops.

The food courts and shops can continue to accept cash from customers who cannot use cashless payment. They will make it convenient for customers to adopt cashless payments, if they wish to.

I expect that most customers, who have a smart phone, will opt for cashless payment, similar to AliPay and WeChat Pay in China. They have shown that the change can be made.

Remember, that China used to be 30 years behind Singapore. They are now 5 years ahead of us. If we do not change, they will be 30 years ahead of us in a few years time.

This video shows how E Wallet can be used for cashless payment. It will be free for customers and low cost for vendors, such as hawkers and retailers.

https://www.youtube.com/watch?v=v_27F2mrehM&t=147s

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