This CNA article about being cashless in China and this video from the ST should really be a wake up call to Singapore.
Cashless in Singapore?
Wait until neck long long.
Can just crawl to the corner in the hawker centre, roll into a ball and die of starvation.
Except for a handful of places offering the very fail DASH payment system (this is the SCB initiative, not to be confused with DASH, the $2B cryptocurrency), the new and unadopted LiquidPay and of course NETS FlashPay, I would imagine that 99% of transactions at hawker centres are still done by cash and coin.
It is embarrassing af. That’s right, af.
Pathetic why? Smartphones, check. 4G network, check. “Financial hub of Asia”, check. Like a bazillion people in the financial industry, check. Cashless P2P payment method, er…. is PayNow counted? LOL.
After reading that articles I got second-hand embarrassed. Maybe we all should go back to our villages in China, kampungs in Malaysia? OH WAIT, the villages in China would still have more advanced payment methods than us, GAWD DAMNIT.
“How can we expect hawkers to suddenly embrace these kind of technologies? THEY ARE SO OLD, THEY DONT KNOW HOW TO USE HANDPHONES.”
Well, I’d be damned if old people in China can learn and adopt the shit out of this, but we in Singapore can’t.
While most people seem to think it is poor user adoption, I would also say that it is poor merchant adoption. I think 90% of people under 30 would be all for mobile cashless payments, not even a physical card is necessary. But of course, 50% of merchants still don’t support NFC technology. “Sorry Sir, no PayWave”. Okay, can.
Reluctant to change, lazy to press the buttons, lazy to check phone notifications…
I don’t know, sounds like really bad excuses to me. Really. Bad. Excuses.
One of the biggest issues that I had with Japan was their unbelievably archaic way of using money to pay for stuff.
However, I was told that this is not because they can’t, but it’s largely because all small businesses under-declare taxes, and only businesses that accept cash can do this.
Then again, I can probably think of quite a few occupations in Singapore where the perk is “self-employed means can under declare taxes and don’t need to contribute to CPF”. Not I say one hor, is I heard people say.
I have a credit card with me and I always keep a minimum amount of cash, in a variety of small denominations because I am sure I’m going to end up somewhere “Cash only”.