Physical money might just be a thing of the past! Cashless payments are here to stay, so #TeamCLEO investigates the implications.
You would be familiar with e-wallets by now with all the ones popping up in the region. A Frost & Sullivan report predicts that Australia may be the first in Asia-Pacific to become a fully cashless society. It also estimates that Singapore may become 82 per cent cashless by 2022. Going cashless is a thing pretty much anywhere you are in the world. Keen to know more about it where wherever you are? We have the deets on e-wallets and all the reasons why you should opt for cashless payments if you haven’t already jumped on the bandwagon.
DO IT FOR THE PERKS
It’s a virtual wallet you can use to pay for many different things. And it’s totally seamless — all you have to do is scan a QR code or tap the pay button on your e-wallet app to make payments. Once you start using e-wallets, you’re bound to fall in love with the technology and find yourself bringing cash around less.
E-wallet apps often offer discounts and rewards that can be really fun and so worth it for users. $1 off your bubble tea? Why wouldn’t you download them? There are a ton of reasons why e-wallets are the way of the future and they’re definitely attractive to use with all the perks that come with them. Some examples of popular e-wallets are GrabPay, FavePay and Paypal. And these are only a handful of what’s available!
CONVENIENCE PAYS OFF
Charissa Ong, User Interface and User Experience Lead at Boost Malaysia says that e-wallets are safe for users because you wouldn’t need to worry about losing your cash. Transactions via e-wallets go through verification processes and would have less risk of you being robbed of your money. She adds “Customers no longer need to queue at ATMs to withdraw money when they can just [top up] their e-wallet quickly with a few taps!” It really is that easy.
Charissa also says e-wallets increase the transparency of transactions within the nation because every transaction is documented. You’ll be able to keep close tabs on where your money’s going and can track any suspicious behaviour easily, so you can file reports as soon as you spot them.
IT WORKS!
Charissa tells us that e-wallet developers are also determined to create a solution to the problems that people go through on a day-to-day basis. She says, “You have to have a product with great user experience, that already supports valuable features that users can use.” It’s adding the function that people need, that makes life just a little easier for everyone. At Boost, the company does a whole bunch of security testing to keep their app features running smoothly. “Keeping Human Centered Design in mind, we analyse the pain points of our customers thoroughly and come up with a viable solution to drive engagement and usage,” Charissa says.
A MORE PRODUCTIVE NATION OVERALL
With e-wallets and cashless payment options being available in the country and region, they help to improve the overall efficiency of things. Ooi Huey Tyng, Managing Director of GrabPay Singapore, Malaysia and the Philippines says in a report in The Star, “Since we launched GrabPay, we have doubled our payment volume and quadrupled our monthly active users, and non-transport transactions have increased by six times.”
They can get their errands done quickly and run businesses smoother, too. The e-wallet system gets things moving and also creates a way of life, a habit of prioritising technological advancements for the growth of a nation. “Helping people accomplish their day-to-day tasks while freeing more of their time up, will increase productivity. And when that happens, we can slowly see the economy thrive,” Charissa explains.
JUST GETTING STARTED
More countries are moving towards becoming cashless, and keeping it a part of their long-term goals. Seeing that there are plenty of new e-wallet apps now, the growth in cashless options are looking to increase even more. Huey Tyng says GrabPay has been released in eight countries, 336 cities and accumulated 152 million downloads since the app’s launch, according to The Star. One drawback is potential implications from low financial literacy and poor money management. “E-wallets are not risk-free. You need to have certain level of knowledge about the technology and rights as a consumer,” Huey Tyng was also quoted as saying.
Charge your phones, here are the top e-wallets in Singapore.
GrabPay FavePay ShopBack Apple Pay Android Pay
“Once you start using e-wallets, you’re bound to fall in love with the technology and find yourself bringing cash around less.”
