Monetary Auth of Singapore Promoting cashless payments
MAS and the banks have spent several years and a lot of money to develop Pay Now and SGQR to encourage cashless payments.

Most transactions at food courts and retail outlets are still made using cash. Most customers and business outlets find cash to be a more convenient form of payment. 

I have tried to use the Pay Now app to make payment. It is not convenient. I have to take out my mobile phone, search for the app, load the app, login with my fingerprint, scan the QR, enter the amount and take a few steps to confirm payment. I have to show the screen to the merchant.

It is more convenient to give cash, and even to collect change. 

I suggest the following enhancement to the Pay Now system to make it more convenient. 

a) Allow the customer to link a NFC card to the bank account.
b) Develop an app for the merchant to use a mobile phone (with NFC capability) to read the customer's NFC card. The merchant enters the amount and the customer taps the NFC card t omake payment. 

This is similar to paying with a credit card with Pay Wave facility. 

This arrangement has the following advantages compared to the Pay Wave card:

a) The merchant can run an app on his mobile phone and does not have to incur the high cost of a credit card terminal.

b) The transaction fee is low, compared to payment by credit card. 

I hope that MAS will take the lead to develop this additional feature.

Tan Kin Lian
 

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