You can transfer money in seconds, so why do some house purchases still require paper?
We may have the technology, but coordination is another story. And sometimes, friction has a purpose.
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A property transaction involves much more than transferring money from one bank account to another, says the writer.
ST PHOTO: LIM YAOHUI
Daniel Rabetti
In Singapore, it is almost second nature to make payments with our phones. We pay for chicken rice by scanning a hawker’s QR code, send money to a friend instantly with PayNow – which has an adoption rate of more than 90% – and increasingly make cross-border payments from our phones.
But try buying a home and the experience can feel surprisingly different.