Currency confusion

  • Put users first in cashless payment design
- The Straits Times

Sep 22, 2017-Going cashless is not about bragging rights. It should be a user-centred goal, that makes the process of buying and selling a lot more convenient. Competing interests, however, have fragmented the means of payment and created unwanted inefficiency and confusion. Paper money reigned as a medium of exchange because it was more useful than barter, standardised coinage and such. “Plastic” gained a foothold later as credit and debit cards offered greater convenience, global utility, some fraud and purchase protection, and a few perks. With the value of global non-cash transactions running into trillions of dollars, it is little wonder that many are out to grab a slice of the pie. On the global scene, there are Apple Pay, Samsung Pay and Android Pay, not to mention in-app purchase options offered by Facebook and Snapchat. While having more choices is good for consumers and merchants, what is plainly bad is the lack of an interoperable electronic payment network. What has been missing for years is a unified system which can process all cashless transactions via cards, mobile phones and online platforms. 

Published: 22-09-2017 08:04

User's Feedback

Click here for your comments

Comment via Facebook

Don't have facebook account? Use this form to comment