Singapore: Race to become top mobile payment platform
Mr Sahat Wahab’s nasi padang stall at Tiong Bahru Market is one of the 80 plus stalls that does not have a mobile payment option. Moreover, only one in six stalls offer the option of mobile payment at the food centre.
For example, Mr Sahat has concerns about offering a mobile payment option. He has stated that “If there’s a problem with the machine (at peak hours) … our customers would definitely run away”.
Hawker centres across the island are experiencing mobile wallet providers striving to be the top payment platform on Singaporean customers’ phones.
DBS Bank, Visa and Nets are amongst at least a dozen entities competing to improve their electronic payment plans which they hope to introduce to hawkers and the general public, for whom cash continues to be king.
And so, Singapore seems to be learning from China’s WeChat messaging app that inspired their cashless revolution. It can be used for a range of services as consumers who have downloaded the app can shop for groceries or even book a taxi or medical appointments.