Stored-value cards may be useful for micro transactions
I agree with Mr Edison Phang that we need a hassle-free system that works like cash to bring greater convenience to everyone (“Smart payment systems: User experience can be improved”; Oct 4).
I agree with Mr Edison Phang that we need a hassle-free system that works like cash to bring greater convenience to everyone (“Smart payment systems: User experience can be improved”; Oct 4).
While the payment industry is struggling to find a unified system for inter-operable cashless transactions, I believe a no-frills stored-value card would be its valuable double for micro transactions, such as paying for public transport or a cup of coffee.
These cards could be handy for students, foreign domestic workers, and those from low-income families, who do not possess credit or debit cards.
High transaction fees and rental charges for cashless payment terminals are impediments to retailers such as hawkers, food-court stallholders and wet market small vendors, etc.
The Government and industry players pushing for cashless transactions should work together to level the playing field somewhat, so that small businesses may also enjoy the benefit of going cashless in our society.