Using less cash

THIS WEEK'S TOPIC: What needs to be in place to further reduce the use of cash and cheques in Singapore? How far should society go cashless?

Rachna Ahlawat Executive Vice President Ondot Systems

IT is great to see Singapore continue to make strides towards becoming more cashless as a society. The key is really user experience and therefore it is vital for banks and service providers to centre innovation around the customer experience. What consumers really want is control and convenience - and the technology and functionalities need to address that. For instance, we know that customers want remote control over when, where, and how their payment cards are used, and appreciate offerings that are tailored to personal preferences. With card usage controls and real-time transaction notifications, not only is the payment process more efficient, consumers will also not lose sight over their spending habits.