E-payments is one of the five strategic national projects with the aim to move Singapore towards a cashless society & increase penetration of electronic payments from 73% to 83% of PCE by 2020. Today, about 60% of consumer transactions and 40% of business transactions are still completed using Cash and Cheques. The end goal is not to force a cashless society but to enable everyone to enjoy the convenience and efficiency of e-payments in a simple, swift, safe and seamless manner. Visa would like to help realize this vision of a better payments landscape for both individuals and businesses, where e-payments are possible for everyone.
Source: KPMG Singapore Payments Roadmap 2016
Challenge 2: How might start-ups accelerate e-payment acceptance and deliver new value for merchants and businesses?
- Opening up new acceptance segments for digital payments
- Creating a cashless economy through cash displacement
- Assisting small and medium businesses in adopting digital payments
- Providing smart financing solutions for merchants and businesses
- Using data and analytics to help merchants drive sales (… And more)