After PM Lee Hsien Loong made Smart Nation and Cashless payments one of the topics of his National Day Rally last year, Singaporeans have jumped onto the cashless bandwagon. Looking at numerous stickers plastered on vendors’ stalls and cashiers, each announcing a different kind of cashless payment method offered, can be a little overwhelming.
To help you navigate the cashless payments jungle, we compiled this guide to the different cashless payment methods in Singapore.
Broadly-speaking, there are 4 types of cashless mobile payment solutions in Singapore:
# 1 Mobile Payment via Connected Bank Account
The first method enables you to pay straight from your bank account. This is enabled by the digital registration of your bank cards to your mobile phone.
# 2 Mobile Payment via Linked Credit/Debit card
Instead of digging out your credit card, your mobile phone now serves as your card. Simply download the respective apps and add the credit/ debit cards you wish to use. You’re now ready to use your phone to pay at even brick and mortar merchants!
# 3 Mobile Payment via Mobile Wallet
Payment via mobile wallet is also possible with a connected bank account (or other digital payment method) to top up the wallet before paying. This may be a better alternative for those who want to have greater control over their expenses, but some may view the additional step of topping up as a hassle.
# 4 Mobile Payment via Application Payment Service
With the ubiquity of cashless payment, applications have launched their own payment platforms to facilitate cashless payments and further entice their consumers with additional perks with partner merchants.
Cashless Platforms Are Here To Stay
Although attractive promotions to use these cashless payment solutions may have come to an end, as savvy users of mobile payments, they are here to stay, and the savvy consumer can continue to make the best out of their (virtual) dollar by capitalising on the cashback or rebate systems available.
Read Also: Going Cashless: Who’s Left Behind?
DollarsAndSense.sg aims to provide interesting, bite-sized and relevant financial articles.
Learn together with like-minded Singaporeans at the Personal Finance Discussion SG Facebook Group by discussing a range of personal finance topics.
If you have not done so, subscribe to our free e-newsletter to receive exclusive content not available anywhere else.