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Beginners’ Guide To Cashless Payment Platforms In Singapore

Can’t tell the difference between Fave and Dash? This ultimate cashless payment cheatsheet is for you.

 

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
# 2 Mobile Payment via Linked Credit/Debit Card
# 3 Mobile Payment via Mobile Wallet
# 4 Mobile Payment via Application Payment Service

Read Also: Why Is The Singapore Government So Adamant About Going Cashless?

# 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!

Read Also: Watch: Is It Possible To Live Cashlessly In Singapore?

# 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.

Read Also: A Cashless Future: Why Our Children Will Learn The Value Of Money Differently, And Why That’s Okay

# 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?

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