Monetary Auth of Singapore Miss the opportunity to introduce eCash
The government distributed vouchers to provide financial assistance to 150,000 households. 

The distribution of the vouchers is time consuming and problematic. Some of the vouchers (which are equivalent to cash) were stolen.

The government could have taken the opportunity to distribute the money using eCash. This is how it can be done.

The eligible households are asked to go to a collection point, e.g. community center. They present their NRIC. An eCash card is given to the eligible person and a wallet is created immediately with the topup.

The eCash card can be used at retail outlets with the appropriate eCash devices. For a start, the major supermarkets can be asked to install the devices. 

Other retail outlets can buy the eCash device for $100 (another $200 is subsidised by the govt). The set up is quite simple - it requires a simple registration. The staff at the distribution point can advise the retailer on how to use the device. 

Future distribution of the financial assistance can be made automatically into the eCash wallet of the recipient.

The eCash system can be expanded to be used to replace cash payments. Customers can buy the eCash card for $2, which is linked to the wallet. They can top up the wallet with transfers at ATM machine, internet banking by by PayNow from their mobile phone. 

The eCash wallet can be used for payment by tapping the card.

Agree or not?

Tan Kin Lian
 

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