Monetary Auth of Singapore Digital payment
I wish to suggest how Singapore can implement digital payment more comprehensively.

We must first recognize that there is already digital payment using the following channels:

* payment by credit card
* tapping of the RFID enabled credit card. 
* payment by bank transfers
* Pay Now
* e-wallets operated by several banks and non-bank organizations

To complete the landscape, we need a platform that can be used by people who cannot make digital payment using a mobile phone or computer. 

These includes children and the elderly and lower educated people. They now have to rely on cash.

The Tap Pay card that I have developed can fill this gap. It creates an e-wallet which is linked to a card. The TP card can be tapped to transfer money from the e-wallet to the payee. 

To the payer, the process is similar to paying by cash.

To the merchant, this process has several advantages

* No need to give change
* No need to collect and bank in the cash.

The Tap Pay card can also be used for people who prefer to make anonymous payment - similar to paying by cash. They can apply for an anonymous e-wallet.

The e-wallet can also be identified to the customer - if the customer wishes it to be the case.

I hope that the MAS consider the use of the Tap Pay card.

Tan Kin Lian





 

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