The Business Times (Singapore)asked Ray Ferguson, Youtap Chairman, for his thoughts on the risks and pitfalls people should be mindful of as Singapore transitions to a cashless society. Ray, a regular contributor to their ‘Views from the Top’ column, where The Business Times gathers high flying executives for their unique and expert perspectives on a wide range of topics affecting people today.
This milestone should be celebrated as a step towards the future of payments for all Singaporeans. Becoming a cashless society is however easier said than done. It should be noted that currently it is estimated that 70% of transactions within malls and high-end retail stores are cashless, whereas at the other end of the spectrum 70% of all hawker transactions are still cash-based. Crossing that divide will take time as consumer trust regarding new services is rightfully tentative. Privacy, security and segment exclusion are all very valid concerns associated with becoming an e-payments society. As with any new financial service, in this case, daily payments, people will need to take some time to survey their many options and determine what best fits their own personal needs. Singapore shouldn’t rush this process.
You can check out the rest of the expert replies to the question here.
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