Evolution of digital payments: Early learnings from Singapore’s cashless payment drive

This paper discusses the digital payment scenario unfolding in Singapore as the country’s government ponders the tremendous leap made by China in the digital payment space. The paper discusses possible key factors contributing to the success of digital payments in China, such as the success of WeCha...

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Main Author: NG, Dennis
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2018
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/6198
https://ink.library.smu.edu.sg/context/lkcsb_research/article/7197/viewcontent/Singapore_s_Cashless_Payment_Evolution_Revised_141217_v1.pdf
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spelling sg-smu-ink.lkcsb_research-71972019-07-19T01:56:47Z Evolution of digital payments: Early learnings from Singapore’s cashless payment drive NG, Dennis This paper discusses the digital payment scenario unfolding in Singapore as the country’s government ponders the tremendous leap made by China in the digital payment space. The paper discusses possible key factors contributing to the success of digital payments in China, such as the success of WeChat, and whether this could be replicated in a country like Singapore. Although China and Singapore are vastly different in size, they share many similarities, including a strong one-party government which is actively involved in the direction and growth of the economy. Both countries share similar cultural and social influences including materialism, IT adoption and an emphasis on education. This paper focuses on small-value payments, which often represent the last mile in the evolution towards a fully cashless society. Using a comparison between China and Singapore, the paper considers those factors critical for the adoption of cashless payments, such as merchant discount rates, critical mass, point-of-sale interfaces, mass transit cards, consumer behaviour and government policies. 2018-02-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/6198 https://ink.library.smu.edu.sg/context/lkcsb_research/article/7197/viewcontent/Singapore_s_Cashless_Payment_Evolution_Revised_141217_v1.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University China QR code Singapore WeChat cashless payments digital payment evolution mass transit payment small-value payments Asian Studies E-Commerce Technology and Innovation
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic China
QR code
Singapore
WeChat
cashless payments
digital payment evolution
mass transit payment
small-value payments
Asian Studies
E-Commerce
Technology and Innovation
spellingShingle China
QR code
Singapore
WeChat
cashless payments
digital payment evolution
mass transit payment
small-value payments
Asian Studies
E-Commerce
Technology and Innovation
NG, Dennis
Evolution of digital payments: Early learnings from Singapore’s cashless payment drive
description This paper discusses the digital payment scenario unfolding in Singapore as the country’s government ponders the tremendous leap made by China in the digital payment space. The paper discusses possible key factors contributing to the success of digital payments in China, such as the success of WeChat, and whether this could be replicated in a country like Singapore. Although China and Singapore are vastly different in size, they share many similarities, including a strong one-party government which is actively involved in the direction and growth of the economy. Both countries share similar cultural and social influences including materialism, IT adoption and an emphasis on education. This paper focuses on small-value payments, which often represent the last mile in the evolution towards a fully cashless society. Using a comparison between China and Singapore, the paper considers those factors critical for the adoption of cashless payments, such as merchant discount rates, critical mass, point-of-sale interfaces, mass transit cards, consumer behaviour and government policies.
format text
author NG, Dennis
author_facet NG, Dennis
author_sort NG, Dennis
title Evolution of digital payments: Early learnings from Singapore’s cashless payment drive
title_short Evolution of digital payments: Early learnings from Singapore’s cashless payment drive
title_full Evolution of digital payments: Early learnings from Singapore’s cashless payment drive
title_fullStr Evolution of digital payments: Early learnings from Singapore’s cashless payment drive
title_full_unstemmed Evolution of digital payments: Early learnings from Singapore’s cashless payment drive
title_sort evolution of digital payments: early learnings from singapore’s cashless payment drive
publisher Institutional Knowledge at Singapore Management University
publishDate 2018
url https://ink.library.smu.edu.sg/lkcsb_research/6198
https://ink.library.smu.edu.sg/context/lkcsb_research/article/7197/viewcontent/Singapore_s_Cashless_Payment_Evolution_Revised_141217_v1.pdf
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