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.

At the same time, it is also key to ensure we are considering segments of the population that are not as comfortable with the use of mobile applications. If we can look towards other platforms - such as WhatsApp - to engage them, then we can encourage more to embrace cashless payments.

John Bittleston Founder & Chair Terrific Mentors International Pte Ltd

CHANGING a culture of cash and cheques to one of Internet and mobile payment is a major move for those who are even slightly disabled physically or mentally, for those who have learning difficulties and for those who are afraid of - and therefore do not trust - the technology of cashlessness.

The first requirement is a simple, clear, multi-language printed explanation of how the technology is to be used. Second is speedy, patient and lucid helplines, easily connected. Third is additional simple weekly online statements of an account's position.

These will be needed for about six months only. Society should aim to go totally cashless.

Yeoh Oon Jin Executive Chairman PwC Singapore

THERE are now many options in Singapore for cashless payments, and the speed of adoption is definitely increasing. However, some existing challenges include interoperability issues among certain platforms, the cost of credit card and related platform transaction costs particularly for SMEs, and security and data protection concerns. There is an increasing need to build trusted ecosystems and platforms to build up consumer confidence to further accelerate the adoption of digital payments. It will also be important to embrace further standardisation to improve the ease of use for consumers. While there are clearly many benefits in going cashless, there will be the need to maintain cash transactional infrastructure for some time to support those in society who might need to rely on cash as the mode of payment.

Victor Mills Chief Executive Singapore International Chamber of Commerce

THE goal to eliminate payment by cheque is a welcome one. Europe achieved this earlier this century. What businesses need is a cost-effective, user-friendly and secure payment platform accepted by all banks. The goal to reduce cash makes sense for commercial and large payments. There is no need to eliminate cash. That will happen over time.

Tony Cripps CEO HSBC Singapore

FOR Singapore, going cashless is a lot easier than other countries. For instance, most Singaporeans are banked. Based on a World Bank Global Findex survey, 96 per cent of Singapore residents above the age of 15 have bank accounts. This means that we have the basic tools in place for cashless transactions.

Factor into this platforms such as ATM/credit/debit cards, PayNow, ez-link, GrabPay and various other mobile wallets, and Singapore easily has the means to become fully cashless. It is now a matter of cultivating habits and getting people used to making cashless transactions anywhere and everywhere - even at, say, hawker centres.

Singaporeans already have faith in technology. In a recent HSBC research report, 73 per cent of Singaporeans surveyed said that they think that technology makes their life easier. So now it is a matter of putting technology into play in order to improve and simplify daily routines.

For that to happen, cashless platforms must go commercial. PayNow Corporate is a big step in the right direction.

Karl Hamann Chief Executive Officer QBE Insurance (Singapore) Pte Ltd

E-PAYMENTS now exist on numerous platforms, and are fundamental to our economy. While paying electronically is quick and convenient, it also adds layers of complexity in terms of security and ensuring that retailers accept the relevant modes of payment. It is partly for these reasons that cash retains its appeal.

However, the benefits of a unified and integrated cashless ecosystem cannot be ignored. We need to hasten the adoption of cashless payments, and ensure that consumers are comfortable with the new status quo. That also means becoming increasingly aware of the undiscovered risks and vulnerabilities brought about by a cashless society. Our progress should not see us overextend to potentially risky territory, ensuring sound protection of people's money.

Claudia Salem CEO, Singapore Head of Country Operations, Southeast Asia AIG

CHEQUES have long been the form of reimbursement for the insurance industry to settle claims with customers. However, expectations are changing with consumers demanding faster and more convenient forms of payment.

Partnerships are key to achieving this. Together with DBS, AIG Singapore pioneered direct payments for travel claims through PayNow. Not only does this decrease the time that it takes for people to receive their money, it also reduces our reliance on paper.

We estimate that by 2020, the top five general insurance companies in Singapore could collectively save some 12.5 million sheets of paper through online transactions of digital personal insurance policies. Combine this with a shift to electronic payments, and the impact could be much higher.

Vipin Kalra Chief Executive Officer BankBazaar International

WITH a multitude of digital financial solutions, a highly connected population and the support of government authorities, Singapore is well placed to go cashless. However, I believe that the key to accelerating this shift lies in changing the mindset of businesses and consumers. To this end, we need to tackle pain-points such as interoperability between various solutions and disincentivise the use of cash.

Ultimately, e-payment solutions can offer greater convenience and security, as they are instant, paperless and have better traceability. By ensuring that initiatives in this regard are inclusive, cash will no longer be seen as a necessity and non-cash alternatives will be adopted by a broader audience.

Kevyn Yong Dean ESSEC Asia Pacific

INNOVATION should make our lives simpler and better, not more complicated. To this end, the idea of a cashless society is spot on. Thus, it is imperative that cashless payment solutions be user-friendly for both consumers and merchants alike. Well-designed cashless payment solutions collect data quickly and securely to improve productivity, making it easier to track business and economic performance.

It is certainly an exciting time for commerce - but there is still more to do. While merchants and consumers require further education on the business and productivity benefits that they can enjoy, cashless payment solutions will do well to address security concerns and show that, among the variety of options on offer, there is one that works well for everyone.

Dileep Nair Independent Director Thakral Corporation Limited

IT is a pity that though Nets was set up in 1985, the e-payment landscape in Singapore has remained fragmented. Hopefully, with the recent political will shown, e-payment systems will be unified to allow seamless use of digital cash. QR code acceptance platforms should be proliferated at food centres, wet markets and retail outlets for e-payments to be easily made with the click of the smart phone, like in China. Setting up of Giro accounts should be simplified. We should also look into linking our e-payment system with the Cirrus and Plus interbank networks so that even tourists here can make payments by directly debiting their bank account. Use of cheques can be easily discouraged by the reintroduction of stamp duty on each cheque issued. We should aspire to the level of Sweden where cash payments amount to less than 2 per cent of gross domestic product (GDP), and cash is no longer king.

Philip Yuen Chief Executive Officer Deloitte Southeast Asia and Singapore

IN Singapore, cashless payment adoption has been slow partly because of the ageing population, with a majority not yet exposed to or savvy enough to navigate the digital world.

One way to drive usage is to marry payment platforms with engagement platforms. Currently, Singapore has several payment platforms that do little to engage with the user. To address this, Singapore can look to countries such as China and South Korea that have successfully integrated both to develop one platform where users can meet their engagement (for instance, news, social and mobility) and payment needs.

Ultimately, to achieve nation-wide adoption, the technology must be developed to benefit the general public in terms of ease, convenience and security, and this technology should evolve to keep pace with the socio-economic and demographic changes. It is about striking the right balance and managing the associated risks to ensure that no one is left behind in a cashless society.

Helen Ng Chief Executive Officer General Storage Company Pte. Ltd

THE points raised by the NUS students regarding the resilience of the technical infrastructure, availability of top-up machines and preparedness of certain demographic groups to support a completely cashless campus are valid and should be carefully considered as Singapore sets ambitious goals towards a cashless society.

Some neighbourhood shop operators and the elderly are still resistant to going cashless. Steps should be taken to allay their concerns and payment methods modified to suit their needs. Singapore should go cashless to the extent that it brings both environmental benefits and widespread convenience to the general population.

Ong Pang Thye Managing Partner KPMG in Singapore

THE payments landscape worldwide is evolving rapidly, with digital payments embraced for all sorts of transactions. Soon, it may even be possible to transfer money to someone overseas with simply a foreign mobile number.

Efforts to make e-payments even simpler, cheaper, safer and to gain wider acceptance must therefore continue to serve as the cornerstone for encouraging its adoption.

Increased adoption will follow when digital and social media become an integral part of our lives, with e-payments as a convenient enabler.

If technology investments and e-payment transaction costs for merchants can also be reduced towards zero, we will also see more small merchants come onboard, as more will substitute cash payments with e-payments.

Nevertheless, going completely cashless may be unnecessary. There will be societal segments who struggle with using technology, including e-payments.

Kunal Chatterjee Country Manager for Singapore & Brunei Visa

SINGAPOREANS are leading the Asean region in embracing a cashless and digital lifestyle. However, there are opportunities to expand acceptance and provide seamless and convenient electronic payment experiences for consumers and merchants. For example, we are starting to see new segments accepting cashless payments. Education is crucial in ensuring that all Singaporeans are comfortable going cashless, be it from the merchants' or consumers' point of view.

At Visa, we are aligned with the government's goal and will ensure that digital payments can be accessed by all Singaporeans to help the country reap the benefits of a cashless economy.

Tan Chong Huat Managing Partner RHTLaw Taylor Wessing LLP

WE should intensify efforts in certain strategic areas and areas requiring long lead-times. Besides the government, banks could be the major driver by providing SME and individual customers with safe and effective e-payment solutions. We should review our current legislation, eg property conveyancing rules enshrine the use of cheques. Singapore should continue to embrace innovation, eg central-bank digital currency which may one day become a viable cash substitute.

Cashlessness should be an aspiration, but cash is deeply rooted and remains essential to small segments of our society without access to mobile, Internet and e-payments. Consumer attitude, behaviours and habits are also hard to change. Until then, cash usage should remain an option in an inclusive society.

Bill Lewis Co-Founder Temasys Communications

GOING cashless has many merits - convenience, security, safety, instant visibility of transactions and balances. However it needs two enablers: education and an unremitting technological shift. The Singapore government is adept and experienced at mass education.

Unremitting technological shift - simple, banks just stop issuing cheque books, and refuse them as legal settlement, they cease to be available. Singapore announces "free of cash day" - say May 1, 2020.

With the concerted effort of all stakeholders, Singapore could lead the world in how a transition from the archaic can be achieved in a flicker of an eye, metaphorically speaking. It takes vision, leadership, campaigning and marketing - a clear message of "what's in it for me".

Lance Ng Founding CEO Searix Solutions International

FOR businesses with lower transaction frequency or high transaction value, setup and transaction fees will have to be a lot lower, or close to zero, for higher adoption of e-payments to happen. Bank APIs (application programming interface) will also need to be a lot more open, affordable and accessible for businesses to adopt.

Joel Ko Hyun Sik Co-founder and CEO Marvelstone Ventures

IF we observe what Grab has done to increase the use of its digital wallet as an alternative to cash, we can see that by providing timely and continuous incentives, customers are happy to make the switch from cash to so-called "e-wallets". This includes rewards that can be spent with partner services, as well as cash back on its own services.

So, from this perspective, one way that we can move faster to a cashless society is by spreading such incentives across more of our digital products and services. There are almost no equivalents for cash payments.

The final thing I'd say is this: We don't need to bind ourselves to a "cashless" society concept. Rather, "cash minimum" will bring about a more comfortable transition - and we are already making good progress there.

Rahul Shinghal Managing Director, PayPal Southeast Asia and Head of Merchant Support, PayPal APAC

SINGAPORE'S strong existing regulatory framework and tech-savvy population make for a conducive environment as the nation pushes to become a cashless society, in line with its Smart Nation drive.

While these conditions are key for Singapore to go cashless, success is still contingent on consumer adoption. Our 2017 Digital Payments Singapore Country Report found that among consumer respondents in Singapore who are aware of e-/mobile wallets, only a third have adopted it, revealing a gap between awareness and adoption.

As Singapore consumers lack the incentive to adopt digital payments as compared to the region, creating a seamless digital payment experience is crucial. Enhancing the interoperability of payment systems is a step in the right direction and points to the importance of industry collaboration and public-private partnership in democratising financial services and shaping a payments landscape that puts the consumer first.

Scott Bales Managing Director Innovation Labs Asia

SINGAPORE'S push to e-payments has been strong but lacks some key use cases. I was recently in London where my PayWave Visa card worked perfectly on the Tube, and a growing number of Londoners use their phone instead of a physical card.

I'm excited about the potential of broader adoption of PayNow, but feel that we leave several players vulnerable by not incentivising the reduction of cheques sooner. Cheques today are still one of the largest sources of fraud - the adoption of cashless systems might counter that problem.

Deborah Heng Country Manager Mastercard Singapore

INCREASED efforts by the government, banks and digital payment companies to build a robust and globally interoperable digital payment system is key to continue expanding Singapore's electronic payment ecosystem. Consumers today have many e-payments options - be it in-app payments, QR codes or mobile payments - and many have already adopted these as part and parcel of daily life, from commuting on public transport to shopping and dining out.

Familiarity ultimately leads to increased confidence in the convenience, safety and seamlessness of e-payments for both Singaporeans and visitors, and this will help push Singapore closer towards its Smart Nation goal of going cashless.

Lee Fook Chiew Chief Executive Officer Institute of Singapore Chartered Accountants

THE move towards being a cash-lite economy is in line with Singapore's vision to be a Smart Nation. Currently, there are already numerous market players offering cashless payments options. Further proliferation of payment options might create issues with interoperability, as the numerous systems may not connect seamlessly with one another. This could in turn dissuade wider usage.

To encourage adoption of cashless payments, there is also a need to shift consumer mindsets and influence behavioural change towards them, such as through incentives like cashback bonuses. Also, it is important to ensure that no one falls through the cracks as the nation moves towards a cashless society. Consumer education can be implemented to enable an inclusive system.

Alan Watts President - Asia Pacific Hilton Worldwide

AT Hilton, we are seeing increasing demand for cashless payment solutions and other mobile solutions across our global hotel portfolio from our guests. To this regard, Chinese travellers are leading the way, having moved quickly from cash to credit cards, and are now onto mega payment platforms such as WeChat wallet and Alipay.

We see Singapore's move in taking steps to introduce more payment options as one in the right direction. After all, it is an increasing need as the city state seeks to attract more international travellers, and familiarity with cashless payments can make travelling aboard easier for Singaporeans.

Maren Schweizer Director Schweizer World Pte Ltd

DISTRIBUTED Ledger Technology (or blockchain) is bringing the democracy of cash into the electronic era. In a cashless world, this validation is done by the network, using data saved in the blockchain.

I see many advantages. The ease of conducting financial transactions is probably the biggest motivator to go digital. Payments will become faster, cheaper and more diverse. Financial discipline will become a lot easier with a spending tracker of all your transactions in your mobile wallet. The elimination of actual cash might even reduce black money and crimes such as money laundering.

A regulatory framework like the Payment Services Directive 2 (PSD-2) in the EU is required. I think this will enhance the portfolio of available secure payment methods, while reducing costs for merchants and users.

Martin Mackay President and General Manager for Asia Pacific & Japan CA Technologies

SINGAPORE'S e-payment goals are sound. Countries around the world are targeting to go cashless or at least significantly reduce the use of cash. Governments want to embrace the digital economy with the same imperative as companies. They need to embrace digital transformation and be built to change.

However, there are still a lot of banknotes in circulation around the world. So while we cannot emphatically declare that cash is no longer king, steps must be taken now to move towards e-payment to further digitise business transactions and government processes. The challenge is to provide a convenient and secure environment to grow Singapore's e-payment ecosystem.

Today's consumers have little or no patience for poor service and slow delivery. With the rising incidence of fraud and security breaches, there is understandably a level of mistrust and fear of using e-payments. The goal is to implement robust payment security to defend and protect against cybercrimes. Equally important is the need to offer a frictionless, hassle-free, excellent user experience to engender confidence, ensure convenience and encourage the mass adoption of e-payments. I am confident that a cash-lite society is on the horizon.

Jason Teo General Manager ZomWork

DESPITE advancements, there are still issues with going cashless in Singapore. For instance, one cannot pay via Visa to a Mastercard merchant, or from PayNow into PayPal. Some systems use QR codes, some use PayWave; some require phone numbers. To accelerate adoption, the government needs to standardise the market with specific protocols.

Another problem is access to e-money. In China, anyone can accept e-money with a WeChat (not bank) account. To achieve the same level of convenience in Singapore, financial deregulation can enable anyone to receive e-money as easily as they can receive cash.

Juliana Mamoni Founder & CEO JMAMONI Lifestyle & Etiquette Institute of Singapore

THE notion of "we don't take cash" is probably the future of money. In the age of artificial intelligence (AI), it is odd that we are still using prehistoric coins in transactions. We have yet to advance our way of payment. Although a completely cashless society is still far away, a digitalised economy is in front of us.

The pros of going cashless includes efficiency, security and thwarting tax evasion. The cons, on the other hand, are the security concerns and trust issues that our society have with banks and technology.

With the advancement and adoption of financial technologies will come more business opportunities, and the traditional banking industry as we know it will disappear. And we are in the middle of this age of transformation right now.

Ho Yat-Wai Singapore Country Manager American Express

IMPROVEMENTS in payment technology ought to make life materially better for consumers and businesses, but moving them away from cash to electronic forms of payments requires a behavioural shift. The critical requirement for going cashless is to ensure that both consumers and merchants are aware of and appreciate the value of e-payments.

There will always be a role for cash - for certain segments of society and to add to the diversity of payment modes. But I am sure that most consumers will find cashless modes of payment easier, faster, and more convenient.

Frank Sliwka COO Asia ESL Gaming Pte Ltd

AS someone who is a huge proponent of digital, the buzz around smart nation, fintech, sports and e-payment is close to my heart.

Most people do their banking online and have started to use paperless payment solutions (e-transfer, EZ-link, Grabpay, Alipay). A natural next step is to go cashless.

The solutions offered by businesses to customers need to be user-friendly and convenient for those who are not too tech savvy. And of course, affordable. Not only do banks need to educate their customers but they could offer rewards to encourage them to adapt and adopt a new way of transacting.

Cao Yunchan Deputy General Manager Industrial and Commercial Bank of China (Singapore Branch)

AS more individuals and businesses embrace digital payment methods such as PayNow or through QR codes like NetsPay or GrabPay, a stronger infrastructure of acceptance points can encourage uptake. Freedom of choice will remain valued, as long as it does not compromise customer experience or privacy. More can be done to further improve the security around e-payments so that consumers can use them with full confidence.

ICBC Singapore is committed to the seamless transition to a "less cash" society, and has joined the PayNow network. We were also the first Chinese bank in Singapore to launch a mobile app.

Mary McHale Business Development Director, Financial Services, Asia Pacific Equinix

THE future of e-payments is "instant", "open" and "everywhere". "Instant" (PayNow) transactions require executing individual transactions in real time. "Open" allows banks and fintechs to collaborate and expand their services; and "everywhere" requires that banks operate omni channel platforms that deliver uniform experience and services across borders. For e-payments to replace cash, existing legacy infrastructures will have to be replaced with architecture that is agile, cost-effective and scalable.

At Equinix, we believe that interconnection between fintech and traditional financial services institutions (FSI) companies is critical to evolving the ecosystem to meet consumer demand for a seamless e-payment experience. This is why we created the Equinix Payments Innovation Council (EPIC) in Asia-Pacific, to bring together finance, payments and technology leaders to drive collaboration.

Chrisol Correia Director, Market Planning LexisNexis Risk Solutions

REDUCING cash and cheque usage in Singapore will be achieved by including all citizens in the formal financial system. A cashless environment provides a range of social and economic benefits, in addition to improved convenience and accessibility. Widespread adoption of e-payments in everyday life will improve economic transparency as well as lowering transaction costs. Also, removing cash from the economy will eliminate a prevalent instrument of money laundering and reduce tax fraud.

However, achieving greater e-payment adoption is dependent on popular confidence in cyber security protection against fraud. Without demonstrating effective anti-financial crime measures, it will be difficult for any institution to change the behavior of its customers.

Smita Gupta Chief Marketing Officer, APAC Finastra

WITH today's rapidly evolving payments landscape, reaching the critical point of cashless adoption will require a collaborative and innovative ecosystem - from banks to fintechs, merchants to consumers, regulators to citizens. With a robust, interoperable ecosystem, customers will be incentivised by the convenience of a seamless payments experience. Continued adoption of cashless technologies depends on the creation of a single payment hub that can provide 24-7, cross-currency reliability for all types of payment.

While there is no definite answer for how "cashless" we should be as a country, a good place to aim for might be where financial systems can allow ecosystem players to seamlessly and consistently switch between cash and cashless solutions across everyday transactions, between merchants, and even over national boundaries.

Ray Ferguson Founder Caber Partners

CONDUCIVE regulation is the first thing that comes to mind - not only to increase presence and standardise e-payment touch points to make it easier for merchants and consumers to adopt cashless technology but also to safeguard the money and data of consumers.

Data security is an important piece of the puzzle and an area where traditional banks have it in their DNA and outperform newer fintech players. The latter needs to work hard at this to build consumer trust in order to really go mainstream.

How far cashless payment methods should be adopted ultimately depends on how much value it can bring to both sellers and buyers, in terms of efficiency, convenience, and cost for both sides.

Jeffry Ho Regional Managing Director Wirecard

THERE has been increased awareness of going cashless recently, and the government has done well to steer Singapore down this path. We have seen strong adoptions in e-banking and peer-to-peer electronic fund transfers services rolled out by financial institutions in Singapore. In the area of e-payment purchases, we foresee room for continued improvement and wider acceptance usage by both business and consumers alike across all channels.

At Wirecard, we are committed to creating a more inclusive environment which enables businesses to accept all payment methods, including those created by new entrants in the fintech industry. In tandem, to accelerate the adoption of e-payments for businesses, all payment methods such as card schemes, direct debit from bank accounts and e-wallets should also adopt an inclusive approach to certify devices and solutions by third-party Payment service providers to accept their payments.

Luc Andreani Managing Director foodpanda Singapore

THE industry will need to continue educating the public on cashless payments to increase consumer confidence. foodpanda is one of the only food delivery companies in Singapore to offer a cash payment option, and this accounts for about 35 per cent of our orders. Cash on delivery is a valuable customer acquisition tool as it is a solution for the natural and understandable lack of confidence new customers may have, while prepaid methods (wallets, credit/debit cards) are a repurchase booster as they tend to incentivise and simplify reordering.

Another interesting alternative in which we see great potential is cashless over-the-counter payment methods (QR codes or contactless payments). This presents both the advantages of cash (paying at the doorstep) and the simplicity of prepayment (no cash handling).

Yap Boh Tiong Chairman Mileage Communications

THE recent push towards cashless payments will further increase the number of PayNow users, namely individuals, businesses and government bodies. Cashless payments will gain more currency when more and more bank customers learn about the benefits that PayNow brings to users. There will be less need to issue cheques, reduced handling of cash, fewer visits to ATMs and banks, and senders and recipients can transfer and receive cash safely and instantly.

To quicken the process of cashless payments, government bodies can lead the way by including the SGQR code in all its bills, payment notices and fines, so that recipients can scan them and transfer funds instantly, minus the hassle of issuing cheques or being penalised for late payments.

However, we cannot go fully cashless as there will be people such as the elderly who may not be as tech-savvy. For these people, we must provide help for them to transit to cashless payments, and leave cash as an option. It would be interesting to see if the tradition of giving cash in red and green packets during festive occasions will also go the cashless way. Only time will tell.

Lim Soon Hock Managing Director Plan-B ICAG Pte Ltd

ANY e-payment system must be able to inter-operate with others seamlessly for consumers, in the absence of a single standard or protocol. The move towards a cashless society will be fuelled by blockchain, allowing every person to own a digital wallet, essentially one's own bank in the pocket. Those who are un-banked or under-served will now be able to transact more efficiently and less costly, without going through intermediaries, such as banks. It is inevitable that more of society will go cashless.

Web 3.0 - touted as the Internet of Trust, fuelled by blockchain - will for the first time in history provide for more trust in transactions, derived from the benefits of blockchain, for example, the immutability of records. In my view, there is no turning back the e-payment tide or revolution.

David Nagrosst VP Business Development Virtalus

FOR Singapore to become a more cashless society, it would be necessary to integrate payment systems at very low or no fees to frequented merchants at hawker centres and small KTV pubs. Hawker centres and small KTV pubs play a big part as small businesses in Singapore, but margins from these operations are very low, and having to pay large sums to convert to cashless systems would be disadvantageous.

More needs to be done to encourage small businesses to accept cashless payments at low or no fees, and also show them that using cashless systems with a self-service order system can both improve margins and increase the number of orders per day quite seamlessly.

Hence, seamless payment companies need to make it affordable and demonstrate value. They should have a flexible fee system that charges based on measurable improvements generated for businesses that adopt the technology. This would reduce the barriers to technology adoption for both customers and businesses.

Henry Tan Managing Director Nexia TS Group

SOMETIMES it is quite embarrassing to see my foreign guests struggling with cash in transactions that do not have cashless options. Their usual remark is: "In my country, I don't carry cash nowadays". I am referring to visitors from China, Hong Kong and the like. As a major financial centre, Singapore has no other choice - cashless payment has to be the way.

But cash will always remain an option. We must have an agreed common national platform and not have a proliferation of different systems. Even if there are many systems, there must be a requirement that the systems can be inter-connected with a common protocol. Companies and individuals should also be incentivised to go cashless with sustainable promotions or rewards.

Lynette Seah Founder and CEO Alpha7

THE older generation is not as tech savvy as the younger cohorts and might find it very challenging to change the way they live, using cash for daily living. Businesses and government need to collaborate further on educating people on going cashless and what the benefits are. Banks need to make it more affordable and accessible for small businesses and customers.

However, carrying cash in Singapore or anywhere in the world can always come in handy. For instance, if you go to the money changer at the airport, you will need cash to convert it into the local currency. So, always be prepared.

Dolly Goh CEO Singapore National Co-operative Federation

TO increase adoption of e-payments, the financial sector needs to use "common man" language in helping to educate the man-in-the-street on e-payment service features and benefits as well as providing them with incentives to use them.

In addition, the service must be easy to use and understand with help readily available. The financial sector must also collaborate within itself as well as with other sectors to collectively create synergistic, innovative and seamless e-payment solutions to gain users' confidence and trust. Once users are convinced of the benefits of e-payments, and their interests are protected, the adoption rate will grow.

Implementation from cash to cashless has to be in phases, and in step with the level of societal acceptance and pace of innovation/technological developments. The upcoming World Credit Union Conference in July will discuss fintech trends such as digital payments and blockchain technology, cyber security and global regulatory trends affecting the financial services industry today which can help credit cooperatives learn and innovate to build greater consumer confidence in e-payments.

Olive Tai Co-founder and Managing Director beautiful.me and Synagie.com

I THINK that better e-payment checkout systems and processes that are more consumer-friendly would be a good start. There is also a need to make the scanners and billing devices at checkout much easier to use, and with a better sense of security. The government can step in and unify all e-payment systems on one single platform with security features monitored by official regulatory bodies for instance. The government taking a more hands-on approach is always comforting and provides a better safety net in the event of a breach.

I'm all for society going entirely cashless but only if vendors - and especially small businesses and even hawker centres - know and understand that going cashless means better control of earnings, without the fear of staff theft for instance. Installation should be affordable with government rebates and incentives so that all vendors and service providers can cater to e-payment without the worry of high operating costs.

David Leong Managing Director PeopleWorldwide Consulting Private Limited

IN Singapore, our government has to spur the cashless movement by encouraging PayNow, an enhanced peer-to-peer funds transfer service available to customers of major participating banks. Cheques originate from banks; to reduce cheque usage, banks must provide a more efficient channel to transfer funds between themselves. The cost of cheque issuance is high and transfer is not immediate. This is the biggest pain point.

When all the banks in Singapore can mutually settle on a simple, easy-to-use protocol for transfer and adopt a coherent transfer mechanism like PayNow Business extending to businesses and public agencies, Singapore can soon be almost cashless for both commercial and consumer transactions.

The day when all our hawkers and even roadside cobblers allow payment via QR codes, we will know that we are almost a cashless society.

Zaheer K Merchant Regional Director (Singapore & Europe) QI Group of Companies

IT seems that all the heat that has been generated about reducing the use of cash and cheques in Singapore has largely been in the direction of installation and creation of infrastructure and implementation of software to achieve the aim of going cashless. This includes having zero cheques for the future. What is equally important however is the adoption rate of these facilities and people's mindsets here. The value of notes and coins issued into circulation by the MAS has been rising. It suggests that we will need to facilitate the central bank and all institutional players reducing reliance on cash, and adopt technological platforms to focus on being "less cash" first, before attempting to be "cashless" within the span of time envisioned. Also, the advent of other forms of e-payment and cashless modalities, while sophisticated, have yet to be formally regulated or litigated. For instance the law on cheques (and dishonour) and how they are dealt with are well established. All this means certainty, judicially and overall. With money, that's all everyone wants.