My friend told me that he wanted to pay through WeChat pay, but was not able to top up the wallet as he does not have a bank account.
He could have asked his friend to transfer funds into his wallet and he can reimburse cash to his friend, or make a credit card transfer.
Cashless payment is popular in China because there are two big platforms - WeChat Pay and AliPay. The merchant only needs to open two accounts.
In Singapore, the merchant has to open 20 accounts to collect cashless payments from 20 platforms, maybe more.
The solution in Singapore is to introduce a low cash clearing house for cashless payments using wallets.
The approach adopted by the govt of using PayNow for the transfers is not efficient. There is a high cost in transfers through the bank clearing system. Although the banks are subsidising the cost at the present time, it is not a sustainable operation.
We need to introduce a wallet clearing house in Singapore.
Tan Kin Lian
He could have asked his friend to transfer funds into his wallet and he can reimburse cash to his friend, or make a credit card transfer.
Cashless payment is popular in China because there are two big platforms - WeChat Pay and AliPay. The merchant only needs to open two accounts.
In Singapore, the merchant has to open 20 accounts to collect cashless payments from 20 platforms, maybe more.
The solution in Singapore is to introduce a low cash clearing house for cashless payments using wallets.
The approach adopted by the govt of using PayNow for the transfers is not efficient. There is a high cost in transfers through the bank clearing system. Although the banks are subsidising the cost at the present time, it is not a sustainable operation.
We need to introduce a wallet clearing house in Singapore.
Tan Kin Lian
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