Getting to a unified digital payment system for Singapore
Japnit opined that the infrastructure laid out by Nets for a unified point-of-sales terminal is a big step forward. But what was needed was an open platform with other payment companies able to join, to ensure competition. This is seen in the telco industry where infrastructure sharing is required.
The new payment modes that Nets will implement include an app storing a digital version of Automated-teller machine (ATM) cards, new contactless cards along with mobile payments through Quick Response (QR) codes.
It remains to be seen if transaction fees will be hiked. If so, merchants will have to decide if they are willing to pay more per transaction in order to broaden their potential customer base in a country that is moving towards cashlessness.
Find out more here: http://bit.ly/2JkTA9Y
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