The fastest and easiest way to go cashless is to adopt peer-to-peer (P2P) payment systems, like PayNow, for all low-value transactions or micro payments because it is free (Put users first for wider acceptance; Sept 21).

Vendors and retailers do not have to incur any transaction fees, so this cost is not passed on to consumers, as many retailers tend to do.

Ultimately, it is the cost and ease of use and implementation that will drive the adoption of cashless payment methods.

PayNow, which lets users transfer money by entering the recipient's mobile phone or identity card number in any bank's app, can be further enhanced by making micro payments possible without having to log in.

Users have the option to preset daily spending limits, much like having cash in their wallets.

When making payments, users just scan the vendor's QR code and key in the value for payment.

An option to log in for high-value purchases can also be preset.

The elderly and the young usually transact in cash.

With P2P payments, they do not need to face the hassle of opening an e-wallet account, remember to top up the e-wallet or log in for every payment.

A simple app, similar to cash payments on a mobile device, that links to their bank account with daily spending limits would meet their needs.

Eventually, a PayNow-type payment system can also be adopted for micro payments overseas.

There is no need to create a unique SG wallet or regulate another e-payment player, as most local banks already have e-wallets in their apps for e-payments, and they are already regulated.

What is needed now for micro payments is a hassle-free transaction system working seamlessly between payer and receiver that is similar to making transactions in cash.

Yoong Woon Yin (Miss)