Chun Sing calls for network effect in payment system

Singapore

ACHIEVING network effect for a common payment system to take off is more important than which payment system is better, Minister in the Prime Minister's Office and Secretary-General of National Trades Union Congress Chan Chun Sing said yesterday.

He urged businesses to explore partnerships to bring various payment platforms together to achieve network effect, where the system becomes more valuable when more people use it, during a dialogue session at the Lianhe Zaobao Singapore Budget 2017 Business Forum.