Monday, July 09, 2018

Consolidate ePayment platforms

We have too many e-payment platforms in Singapore. They can be identified under three main technologies:

Wallet - DBS, Grab
Bank related - Credit card, ATM, NETS
NFC - Samsung Pay, Android Pay, Apple Pay
​​​​​​​EZ Link

We need to strengthen these platforms as follows:

a) Set caps on the charges
b) Have a clearing house to facilitate transfers on the same platform

If the charges for EZ Link can be set at 5 cents per transaction, it will be well accepted by merchants and customers.

For wallet and QR code payments, we need to set up a clearing house for transfers from one wallet operator and another.

I hope that the government steps in to provide the leadership to consolidate and strengthen these platforms.

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