Since the push towards a cashless society began a few years ago, many electronic payment options have been developed and rolled out: PayNow, PayLah, payWave. While it is now common to use contactless payment in retail shops, cash is still king in coffee shops, foodcourts, hawker centres and shops around housing estates. The Covid-19 pandemic has raised the urgency to go cashless. One cannot rule out the possibility that handling dollar notes and coins may facilitate the transmission of the coronavirus. China disinfected and isolated used banknotes as part of its efforts to stop the spread of the coronavirus. This is an opportunity for the Government and industry to get everyone on board the cashless wave. Instead of waiting for merchants to apply for and enable their PayNow or SGQR, banks could simply enable the system and go to every merchant to put up the QR code. The key barrier to adoption is trust: Did payment go through accurately? Banks can make the process friendlier by providing better notifications.... Continue Reading