Beginners' Guide To Cashless Payment Platforms In Singapore

“Cheque-free by 2025”.

This was among the statements produced in 2021 by then Minister for Education Ong Ye Kung when asked for his take towards the nation adopting more predominant use of e-payments.

Several platforms have exposed their cashless payment functionalities especially on mobile. Including payment via connected bank accounts, linked debit or credit cards, mobile wallets or application payment services, all in your mobile phone.

To assist you to navigate the cashless payments jungle, we compiled this informative guide to the different cashless payment methods in Singapore.

Broadly speaking, you will find 4 types of cashless mobile payment solutions in Singapore:

#1 Mobile Payment via Connected Bank Account

#2 Mobile Payment via Linked Credit/Debit Card

#3 Mobile Payment via Mobile Wallet

#4 Mobile Payment via Application Payment Service

#1 Mobile Payment via Connected Bank Account

The first method enables you to pay completely from your bank account. This is enabled by the digital registration of the bank cards to your cell phone.

#2 Mobile Payment Via Linked Credit/Debit Card

Instead of digging out your credit card, your cell phone now can serve as your card. Simply download the respective apps and add some credit/ an atm card you wish to use. You're now available your phone to pay at even brick and mortar merchants!

#3 Mobile Payment via Mobile Wallet

Payment via mobile wallet is also possible with a connected bank account (or other digital payment methods) to top up the wallet before you spend money. This may be a better alternative for those who wish to have greater treatments for their expenses, but some may view the additional step of topping as a hassle.

For some, mobile wallets are a great gateway to alleviate the hassle of spending overseas, in which you might have to manage multiple currencies or handle small, loose change. The mobile wallets considered here are primarily for local spending, with a large number of acceptance points locally.

#4 Mobile Payment via Application Payment Service

Applications have launched their own payment platforms to facilitate cashless payments and additional entice their consumers with additional perks with partner merchants.

Cashless Platforms Are Here To Stay

The rise of mobile payments has proven the cashless ecosystem in Singapore is slowly developing and evolving. Most of these cashless payment solutions offer attractive solutions while enabling you to ride around the cashback or rebate systems out of your charge cards whenever you link them up.

The savvy consumer could make the best from their (virtual) dollar by capitalising on these rewards and loyalty programmes while experiencing the ease and seamless convenience that cashless payment platforms have to give you.