Singapore to speed up the development of electronic payment is introducing Chinese technology
Singapore Prime Minister Lee Hsien Loong recently admitted to the media, want to experience in China, "not afraid of pocket money, I'm afraid cell phones dead electricity," the cashless life. He said that in terms of electronic payment, China has come to the forefront in the world and Singapore must catch up. In order to speed up the development of electronic payment technology in Singapore, Singapore's business community is introducing electronic payment technology in China.
The Singapore government proposed the Vision of a Smart Nation in 2014, namely the "Smart Nation 2025" development plan. Its emphasis is on expanding the information integration and application through technology to make government policies more forward-looking and provide better public services. Electronic payment is one of the important ways for Singapore to move toward a smart country.
A study by KPMG shows that Singapore is the world leader in the penetration of smartphones and wireless networks, but local consumers and businesses still rely heavily on cash and checks when transacting, with local cash flow accounting for 8.8% of gross domestic product 4.4% in Australia and only 2.12% in Sweden.
The heavy reliance on cash and checks not only slows Singapore's progress in the field of electronic payments, but it also places a financial burden on countries and businesses. At present, Singapore has a wide range of electronic payment methods and individual systems are disconnected from each other. People usually need to carry multiple different types of electronic cards with them. The merchants also install multiple different point-of-sale terminals according to their needs. This not only gives consumers To inconvenience, but also increased business costs.
Singapore's business community is actively introducing China's electronic payment technology. It is understood that as early as September 2015, Alipay, a mobile payment platform in China, started to cooperate with local businesses in Singapore. Currently, Singapore Changi International Airport, Singapore's largest taxi company "Comfort High Taxi", retail businesses such as Metro stores and many other businesses, have access to Alipay. Even Singapore's unique "hawker center", which has always accepted only cash, recently saw some merchants stick out two-dimensional Alipay codes to attract Chinese consumers.
The study also showed that 70% of Singapore's hawker centers and HDB transactions are conducted in cash and only 30% use electronic payment. To facilitate electronic payment, the MAS has a two-pronged approach to promoting unified payment terminals in retail outlets and food and beverage outlets. It also intends to launch lower-cost electronic payment solutions in neighborhood stores and hawker centers for multiple banking customers Share a common two-dimensional code such as payment. On August 25, the National Environment Bureau of Singapore, the Housing Development Board, the Hong Kong Monetary Authority, the Intellectual Property Office and the Digital Government Department jointly issued a letter of information consultation inviting the industry to brainstorm their efforts to provide small halls to support hawker centers and neighborhood shops. Cashless trading program.
Zhang Dayong, general manager of Alipay Southeast Asia, told this reporter that access to Alipay not only improved the operational efficiency of local businesses in Singapore, but also provided a better travel experience for Chinese tourists as well as a conceptual innovation in the development of local e-payment in Singapore. First, consumers influence each other to promote new payment models. Second, Alipay helps businesses familiarize themselves with the new modes of operation and even business models brought by this new model. In addition, Alipay, a local payment ecology company in Singapore, Brought them high-quality resources and growth opportunities and accelerated the upgrade of their business models.
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