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Support with evidence/examples

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Implementing cashless payment into the society makes transactions or payments much more convenient and easy.

With the introduction of cashless payments into the society, people can easily pay for an item by scanning their phones using a QR code. This makes life much more convenient for everybody.

For example, Singapore is trying to get more hawkers to use cashless payment as a way of transaction other than using cash. And after being exposed to the use of cashless payment, hawkers have actually found that this mean is much more convenient than the use of cash. A hawker selling roti prata  (Some hawkers reported that ...)has stated that using cashless payment made it much easier for payments. Due to the fact that his hands were always oily and dirty, he had to wipe his hands before tending to his customers. But with the use of cashless payment, he can simply just look at whether the transaction was successful or not and continue with his cooking.

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An advantage of cashless payments is the total amount of time saved, for both the consumers and the retailers / merchants. As cashless payments usually come through digital devices, the time saved to order, wait and to get change for an item is greatly reduced. This is because one could simply purchase an item online and not be directly in front of the cashier, saving travel and waiting time. In fact, digital payments have saved about 90 minutes every year per person. (give context, who reported this?)

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Cashless payments apps charge a small transaction fee. This means that whenever you pay, a small percentage of the money paid goes to the company that owns the app. The price of goods paid this way is usually higher to compensate for the transaction fee. This can cause money to flow out of a country's economy. If citizens of the country use an app made and owned by a foreign company it can weaken the local economy. Less money will be present in the local economy as it is outflowing from the country. Furthermore if a country is slow in adopting its own cashless payment system a foreign company may take its chance to break into the local market. An example of this is Alipay in Singapore .When local users use the app to pay for goods and services the small commission fee is sent to Alipay which is a china-based company. Resulting in singapore losing money to China indirectly. Alipay is also targeting Chinese tourists travelling to Singapore  which lessens the local spending that Chinese tourists will do. Due to the commission paid still being sent to Alipay in China.

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Using cashless payment is beneficial for consumers as they can save time and is a more convenient method of payment.

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Using cashless payment is beneficial for consumers as they can save time and is a more convenient method of payment.

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For example, consumers can save time as they can order and  pay their money before reaching the shop.They can also collect their food when they reach the shop.This method of cashless payment is more convenient as compared to going to the shop to order and wait for the food to be prepared then paying buy cash which takes a longer time.In total 1hour 30 minutes is saved in a year, excluding the time spent to prepare ones food.Therefore cash less payment is a more convenient method and can help to save consumers time

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firstly, a disadvantage would be that financial cyber attacks will become more prevalent.  this would mean that people would be at higher risk of losing their money and it would be harder to retrieve digital money once it is stolen. thus can be seen from how in 2018, the World Economic Forum noted that fraud and financial crime was a trillion-dollar industry, reporting that private companies spent approximately $8.2 billion on anti–money laundering (AML) controls alone in 2017.  hence, moving to a cashless economy would be entering a state of financial insecurity.

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Cashless payment prevents foreign fintech companies from taking power in singapore

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Cashless payment prevents foreign fintech companies from taking power in singapore

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One advantage would be that cashless payment would prevent foreign fintech companies from taking power in Singapore. Some fintech companies that are big in other countries, such as Alipay in China, have already begun to implement their digital payment in Singapore. Alipay has also leaked into other countries such as United States and Russia. If Singapore does not implement its own fintech digital payments, fintech companies such as Alipay could take power easily as it is already accepted worldwide. Thus, Singapore going cashless would prevent the economy from failing.

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Customers can save time for each payment since the exchange of money takes more time than checking for the transaction as reported by many hawkers. Users can rely on repayment as a alternative form of payment for example if one were to leave cash at home,they do not need to go atm to collect money when trying to pay.

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Transactions between merchants and consumers are faster and more convenient

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Transactions between merchants and consumers are faster and more convenient

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Hawkers can easily accept money from their customers without having to disrupt flow of work by returning change to them. Customers also do not have to wait for the hawkers to dish out change and the process of collecting their food is almost instantaneous. There is also a lower chance of error to occur during transactions because the transaction occurs online so there would be a smaller chance of customers or hawkers to calculate payment or change.

For example, a local hawker under the cashless incentive scheme mentioned that it was better that his customers are using online payment instead. As he owns a prata stall, his hands are usually oily and he needs to clean his hands everytime he wants to accept cash from his customers or return change to them. So by adopting cashless payment, he no longer needs to go through the hassle of having to clean his hands thoroughly every transaction and he can continue making prata, which woukd essentially increase efficiency of work

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First of all, with cashless payments, it will ease difficulties in doing business and trade.

For instance, companies no longer need to have a sum of foreign exchange at  their disposal as these merchants and suppliers do not need to go to the foreign exchange market to exchange for foreign currencies as particular currencies are needed in some countries. This is so as business can hastily easily change their current setting on their cashless payment mobile applications.

Meanwhile, this also mean that with cashless payment, there will be an alternative method of payment. Therefore, if businesses went low on cash, they could still conduct business by using cashless payments.

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Using cashless payment is more convenient

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Using cashless payment is more convenient

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Using cashless payment is more convenient because people do not have to specifically go to an Automated Teller Machine (ATM) to get money to pay retailers. People can just whip out their phone to just scan a QR code to pay for what they bought. For example, in China, most people in China usually uses AliPay or WeChat Pay as their main means of payment by scanning QR codes. This makes it more convenient as it is faster and more efficient.

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Buisnesses are charged for repayment transactions

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Buisnesses are charged for repayment transactions

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Users will need to pay a percentage to the fintech companies for using their app an example would be, PayPal charging 2.9% for each transaction on the business side which may result in more loses  than using cash.Merchants can also be trick  if they are not careful when checking the transaction as it could just be a screenshot

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more accessible & convenient for tourists 

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more accessible & convenient for tourists 

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-> it is more accessible and convenient for tourists. for instance , tourists from China are used to e-payments and digital payments and thus they will be more at ease in using the same mode of payment in another country. moreover, seeing as their tourists from another country , they have a chance of not having the currency of the country they are in and thus , by having e-payments , they wouldn’t have to worry about converting the currency to SGD all the time. if they happen to be in a store with no SGD cash to pay for what they want , they can easily use e-payments to get what they wanted and thus they will be more happier for getting what they want more efficiently.

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More (remove 'more') faster and more efficient

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More (remove 'more') faster and more efficient

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Cashless payment is a much faster and more efficient method of payment compared to paying with cash. A person can easily whip out their phones and paying for their meal would be as simple as scanning a QR code and inputting the amount they wish to pay. For example, A lot of of the stalls in hawker centers found in Singapore have these QR codes pasted on their walls. Paying via a QR code makes the process a lot faster as the hawker would not have to waste time washing their hands just to give change, and having to wash them again when going back to prepare their food. The customer can also save time by not having to wait to receive their change. Thus, making transactions via e-payment allows hawkers to save their time and effort in physically counting money, so it is much more time-efficient.

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Advantage: Using cashless payments save time

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Advantage: Using cashless payments save time

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When someone uses cash to pay, the cashier will need to return the change to that person and this will take a few seconds. However, if individuals were to use e-payments, they do not need to receive their change and they can (even) order in advance.
Hence, cashless payments provide more convenience for consumers.

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Older generations might not be used to using cashless payment

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Older generations might not be used to using cashless payment

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Seniors may feel worried about using cashless payment as they may find it troublesome or they may key in the wrong digits and pay the wrong amount. They may also not know how to put in money into their phone. Elderlies may be more prone to being scammed of their money as they do not know the difference between a reliable company and a scammer. They may give out their personal information willingly as they are naive and would fall for scams. For example, according to the National Council On Aging (NCOA), in scams involving medicare, fraudsters pose as medicare representatives to get seniors to give them their personal information such as their medicare identification number. The fraudster uses this information to bill medicare for fraudulent services and then pocket the money. Therefore going into a cashless society may be detrimental to the elderly
-Si Hui Yue 🤥🤥

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[ disadvantage ] chances of the e-payment method malfunctioning

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[ disadvantage ] chances of the e-payment method malfunctioning

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-> as much as e-payments are so convenient and fast , there’s also chances of it malfunctioning as it’s a form of technology like any other machine that malfunctions too. if it malfunctions , it could discourage consumers from going there as they know that the service won’t be as efficient as compared to other shops , and thus the shop owners might get a decline in consumers and thus earn lesser money , which will cause them to deprofit.

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With the advancement of cashless payments, elderlies who are accustomed to the norm of using cash would find it difficult to change their lifestyles. For example, people that goes to hawkers centres and hawkers themselves are elderlies. They would find it hard to accept the new norm as they have used cash for decades. It would take them even more time and effort to learn how does cashless payments works. Elderlies may not be willing to learn the ropes and this would slow down the process of Singapore becoming a “Smart Nation”. Hence, this would be a disadvantage as elderlies might not be open to accepting new ideas as such.

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Cashless payment is not always 100% reliable

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Cashless payment is not always 100% reliable

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Certain times, hawkers have reported that the customers are have trouble paying online because the platform used is not working or the transaction is taking very long to complete. Occasions whereby these malfunctions may cause disruption to service and would cause even more inconvenience than convenience, which is the opposite of what using cashless payment is supposed to achieve. Likewise, using cashless payment might mot even work at times because the application that the customers are using has crashed. Numerous incidents whereby these platforms have crashed were reported to the government, and the government’s response was that these platforms are still in development and are prone to bugs and glitches like these. Thus, some individuals may feel that using cashless payment might not be reliable enough to completely adopt

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With the implementation of cashless payments, the demand for cash will be affected. And hence people working in sectors related to cash may see a drop in demand.

For instance, as companies and businesses can exchange currency setting with ease on cashless payment mobile applications and the demand for the foreign exchange will no longer be in high demand and hence, people in this sector will loss their jobs.

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People are more likely to spend more money when using e-transactions as compared to cold hard cash. This is because when paying with cash, the person is a physical reminder of what they are spending, making them more aware of how much they are actually spending. Using cash can also be a method of budgeting because you cannot spend more than what you have brought out on that day. However, with cashless payments, people are now able to quickly pay for an item with a swipe of a card or a touch of a button. This can sometimes make a person lose sense of how much he had already spent in a day, leading to them splurging more than necessary. For example, studies have shown that people are more likely to spend more on impulse purchases with a credit card. An observation made in a cafe in Hong Kong has shown that people who are paying with cashless payments are more likely to splurge more on desserts and drinks.
Therefore, people are more likely to spend more using cashless payments because of the psychological impact that disconnects one from how much they are actually spending.

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cashless society can cause people to overspend compared to using cold hard cash. Transactions that are made by you (avoid using 'you') does not often cause you to view the balance in your “wallet” as usually apps like this only allows you to view your total balance you spend provided you take an extra mile that is a hassle to most people. Compare this to using hard cold cash where the money you have in your wallet is the amount you can only spend therefore the risk of overspending is being reduced drastically.
no time finish hais
Brandon & Elvin :>

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Inconvenient for business owners during transactions

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Inconvenient for business owners during transactions

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Some suppliers in Singapore only accepts physical cash as a form of payment thus merchants will have to withdraw the digital cash to pay the suppliers.

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With the help of cashless payment, tourists would not need to continuously visit a money exchanger to get the country’s currency. Instead, they would have a seamless experience through making cashless payments. For example, Malaysian tourists that come to Singapore need not carry around Singapore currency cash. For instance, if they were to buy items that are expensive, they can simply use apps such as DBS Paylah! to make their payment and not need to worry about whether they have enough cash that are of Singapore’s currency.

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Advantage: Using cashless payments offer the opportunity for economic growth

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Advantage: Using cashless payments offer the opportunity for economic growth

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Using cashless payments made by local companies will prevent other foreign fintech companies from stealing singapore’s lucrative market. If Singapore adopts e-payments, more money will be circulated within the country itself, allowing more economic development in Singapore. However, if we refuse to incorporate cashless payments in our daily lives, other foreign companies will profit from singapore citizens, causing their own economy to flourish.

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Consumers would not physically see the amount of money they are paying as everything is done digitally. They are more prone to impulsively spend due to the ease of payment. Consumers can experience a seamless payment by using apps such a DBS Paylah! or Paynow.

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The older generation may not be comfortable with e-payment

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The older generation may not be comfortable with e-payment

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The results of a survey show that out of 100 Singaporeans, only 38 are comfortable with paying with their mobile phones. This is much smaller compared to the global average of 50. Those who did not grow up using these devices are still not very used to them, and may find the apps confusing and daunting. They may be scared of accidently paying the wrong amount, or not knowing how to use the apps. Thus, because of these concerns they would rather just use cash instead, as it is something that they are much more familiar with as they have been paying with cash their whole lives. They may find that paying with cash is a lot less stressful for them. Hence, e - payment would be more of a hindrance than a help for them.