18 Jul 2017
ISCA CEO, Mr Lee Fook Chiew, was interviewed by The Business Times on the question of "How can Singaporeans be encouraged to use “less cash, less cheques” in everyday life? What implications are there for businesses (including banks, card issuers)?" This is what he has to share:
Given Singapore’s small market, high adoption rates are necessary to make the investments in creating a cashless environment viable. For this to happen, cashless payment must offer a value proposition that consumers are looking for, and this may require further studies. Cashless payments may give rise to more efficient workflow and processes in businesses. This translates into cost savings for businesses in the longer run , including less reliance on manpower. Once consumers and businesses see the benefits, it will give rise to a self-perpetuating cycle of cashless payments use.
This article was first published in "Views From the Top" in The Business Times on 17 Jul 2017.
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