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Learn from Chinese on how to go cashless, S’poreans urged

SINGAPORE — The Republic ought to learn from China’s advances in electronic payment systems, which are arguably the “most sophisticated and commonly adopted” in the world, Prime Minister Lee Hsien Loong has said.

Prime Minister Lee Hsien Loong during his interview with Xinhuanet. Photo: MCI

Prime Minister Lee Hsien Loong during his interview with Xinhuanet. Photo: MCI

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SINGAPORE — The Republic ought to learn from China’s advances in electronic payment systems, which are arguably the “most sophisticated and commonly adopted” in the world, Prime Minister Lee Hsien Loong has said.

In a recent interview with Xinhuanet, the online portal of the official Xinhua news agency, Mr Lee was asked about Singapore’s Smart Nation initiative and his comments at this year’s National Day Rally, where he said the Republic was lagging behind China in the area of e-payments.

He cited examples of how even Chinese roadside hawkers took payments via the WeChat Pay and AliPay mobile apps — the two dominant e-payment services in China — and how Chinese tourists in Singapore found it “backward” that they still had to use cash for purchases here.

“I want to encourage Singaporeans to learn from China’s experience. If they can do it, so can we,” Mr Lee told Xinhuanet in Mandarin on Saturday (Sept 16), ahead of his official visit to China from Tuesday until Thursday.

He added: “Friends tell me China no longer uses cash, and relies on WeChat Pay or AliPay for payments. 

“People now say they are not afraid of leaving home without cash in their pockets, but are only worried that the batteries on their mobile phones might run out.”

Mr Lee said Singapore is working hard to catch up, but acknowledged that the country was not there yet.

Among the new e-payment initiatives in the works is the development of a common QR code by the end of the year. 

It will allow consumers to pay electronically anywhere just by flashing their smartphones.

Meanwhile, China’s Alipay — the mobile payment company owned by Ant Financial — is expanding its presence in Singapore.

It announced plans last month to launch a local e-wallet for Singapore consumers, following tie-ups with taxi operators Prime Taxis and ComfortDelGro to allow passengers to pay with Alipay.

“For Chinese tourists (taking cabs in Singapore), this will be convenient and make them feel at home,” said Mr Lee.

 

CORRECTION: In an earlier version of this article, we reported that Alipay is owned by e-commerce giants Alibaba Group. Alipay is in fact owned by Ant Financial. We are sorry for the error.

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