Monetary Auth of Singapore Why eCash will succeed when NETS and EZ Link did not
Mr Tan,
I like your idea about using taping the eCash card to make payment from an e-wallet.

But this is similar to the NETS cash card and the eZ Link card, which were not widely accepted.

How do you plan to make the eCash card succeed, when the earlier platforms failed?

MY REPLY

An important factor for the success of eCash is the adoption by the govt. The govt and MAS must make the decision that eCash platform will replace physical cash (i.e. notes and coins).

If this decision is taken, here are the steps to make eCash succeed:

* The govt should use eCash as the channel to manage the financial assistance schemes, e.g. the vouchers for the 150,000 low income families and the regular vouchers given by community development councils.

* The financial assistance will be transferred to the eCash cards digitally.

* Initially, the supermarkets (Fairprice, Cold Storage, Sheng Siong) can accept the eCash cards.

* Retail outlets can get the eCash device (POS device) by paying a fee of $100 (another $200 will be financed by the govt).

* Consumers can pay $2 to get a eCash card with self service kiosks located at food courts, bus interchange, MRT stations.

* Consumers can transfer money into eCash using PayNow (from their mobile phone) or at ATM machines or internet banking transfers.

Given the right strategy, eCash can really taken off.

Agree or not?

Tan Kin Lian



 

Add Comment

---