SINGAPORE (THE BUSINESS TIMES) - Forget your cash and credit cards.
All you need to get out of the house is your smartphone (with your wallet linked to it, of course).
Electronic payments (e-payments), a growing trend as Singapore heads towards becoming a digital economy, are the focus of the second episode of "Smart City", a six-episode video series produced by The Business Times.
E-payments, the method of paying for goods and services electronically instead of by cash, cheque or credit cards, are beneficial for almost everyone. Not only do they provide a seamless retail experience for consumers, they also lower transaction costs and improve productivity for businesses.
Spearheading the future of banking through digital technology, DBS launched DBS PayLah!, a mobile application that lets the user transfer funds using the recipient's mobile number. PayLah! has since expanded to involve businesses, with customers paying via QR code. More than 50,000 transactions are recorded daily.
With more consumers using their mobile phone as a form of payment, Grab introduced GrabPay, a mobile wallet solution, in 2016.
With this cashless system, users transact across various Grab platforms and participating merchants. With more than 100 million users across South-east Asia, Grab sees Singapore as a key part in driving cashless payments in the region.
Ooi Huey Tyng, managing director for GrabPay Singapore/Malaysia/Philippines, said: "Our goal is to be the ASEAN wallet, the only wallet you need when you travel anywhere."
There are other initiatives that will be rolled out to streamline the e-payment landscape in Singapore. An example is the Singapore Quick Response Code (SGQR).
Known as the world's first unified payment QR code, SGQR was launched last week and has adopted 27 payment schemes, such as PayNow and NETS.
Another initiative is the POSB Smart Senior Programme, which aims to encourage seniors to adopt digital payments.
The "Smart City" video series will cover the schemes Singapore has launched to make itself a Smart Nation, such as electronic payments, digital identity and transportation.
Smart City is supported by the PSB programme of the Info-communications Media Development Authority (IMDA).
The next episode will focus on using digital technology to make homes in Singapore more sustainable and liveable.
The Web series will be released bi-weekly from September to November, and be available on BT and other Singapore Press Holdings platforms. To watch the videos, go to bt.sg/videos