Singapore’s Road To Cashless And Cardless Transactions

In the future, Singaporeans will be able to pay in the counter through voice recognition software according to EZ-Link CEO Nicholas Lee.

The voice initiates the payment in place of a credit card swipe or a contact-free card wave. The voice trigger is seen with the launch of Android Pay and Apple Pay. It can also be a thumbprint or an iris scan.

EZ-Link payment method

EZ-Link is already transitioning to becoming an account based and payment solutions provider after just being a stored value card for Singaporeans. This account based system means that these EZ-Link cards will be linked to bank accounts as well as getting topped up while on the go.

Lee said that they are already behind the game and that they need to accelerate themselves. They have already been collaborating with Mastercard and Visa.

Last month, Mastercard and the Land Transport Authority (LTA) announced that an account based ticketing system will be launch before the end of the year. This will allow those already registered Mastercard holders to use their debit or credit cards on buses and trains. Thus, this eliminates the need for transit cards and top-ups.

Changing with the modern times

EZ-Link’s evolution is head to head with the company NETS which is owned by 3 of Singapore’s local banks.

It was also from LTA’s actions that pushed NETS to future proof its company’s business. LTA announced earlier this year that a new Electronic Road Pricing (ERP) system will be launched in 2020.

Ang Sok Hong who is the head of Sales and Marketing said that they don’t want to wait to change until then. He added that they are building towards the payment system for 2020. They are looking to accept virtual wallets at car parks islandwide.

Ang adds that the banks are always asking to have them put out more of their NETS payment terminals. This is because banks want a decrease in ATM queues and ATMs in the market.

Conclusion

Companies definitely need to accelerate their app development Singapore since people want convenience aside from the need increasing with the times.

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