Pitch
Cashcard, apple pay, ez-link. Would there be a way to integrate our multiple payment systems into a common payment system nationwide?
Description
Make life easier/more difficult for Singapore?
Easier
Describe the change
Apple, Samsung and Android Pay have just entered our market. We've had cashcards for years and at best, they help us to pay for parking and ERP. Ez link cards have enabled us to pay for transportation, library fines and at its best, Mcdonalds. But we're all carrying multiple cards and phones everywhere.
Perhaps our multiple payment system would move towards a single or two key payment systems nation wide. All payments may move to the phone, but knowing that phones can run out of battery, a card might still be the most reliable option for 24/7 payment at all kinds of stores in Singapore.
Would it be possible for Singapore to integrate our payment systems the way Hong Kong does with their Octopus cards (our ez-link card) where those cards aren't just for public transport but for payment of food at restaurants, vending machines, car park and convenient stores?
How will this change impact Smart Nation Singapore in 2030?
If many places adopt the same payment systems, we will have less need for ATMs to begin with. Users can also track their expenses through one system and top them up online via Giro if needed. The user experience in many purchases will be more pleasant and quick and queues everywhere would move much faster.
If we use them in places like hawker centres, not only would be it more hygenic for the vendors as they won't need to be in contact with cash and food, it would save time so queues can move quickly.
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