Monetary Authority of Singapore managing director Ravi Menon (above) outlined several new initiatives during a speech yesterday at a conference on fintech and financial inclusion.
• By the end of this year, the Land Transport Authority will try out what it calls an account-based ticketing system, which was announced last month. Commuters will be able to use their contactless credit and debit cards - even mobile wallets - for train and bus rides, doing away with the need to constantly top up ez-link cards. The trial will initially be only for those using Mastercard.
• Next year, people may be able to transfer money to a friend using just that person's mobile phone number, NRIC number or unique entity number, instead of bank account numbers.
• Businesses surveyed by KPMG said that in the next year, they have plans to increase their use of electronic payments. KPMG said the trend means cash use by businesses will decline further.
• Unified point-of-sale terminals at cashier counters will allow customers to use any card to make payments at just one terminal instead of worrying that a shop or restaurant accepts only a certain type of card. It removes confusion for consumers and cashiers.