Tan Kin Lian - Perspectives SG Wallet with SG card
Every resident in Singapore has a NRIC card. It is an unique ID.

I suggest how to provide an integrated digital payment system using this ID.

a) Each person has an e-wallet (say SG Wallet) that is linked to the ID
b) The SG wallet can be accessed by a phone app or a linked card (say SG card)
c) The owner can transfer money from a bank account into the SG wallet.
d) The owner can make digital payment from SG wallet to a merchant using the phone or the SG card.
e) The owner can use the SG card to pay public transport fare (i.e. recognized as a SimplyGo card).
f) The merchant can display a QR code or use a device (or phone app) to receive digital payments from the customer.
g) The merchant can transfer the money from his wallet into his bank account.
h) The government can credit financial grants (e.g CDC voucners, SAF credit, SG Life credits, etc) into the SG wallet.
i) The owner can use a PIN to be used for online payments from the SG wallet.

Perhaps 80% of the population can access the SG wallet with his phone. The remaining 20% (eg seniors or children without phones) can use the SG card.

The SG wallet/ SG card will become the commonly accepted mode of digital payment. The other platforms can continue to exists, but they are likely to become less used over time.

Tan Kin Lian
 

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