Types of Cashless Payments in Singapore


 

Nets is so passe.

Today in Singapore, there are many other cashless options available. Not long ago, it used to be just Nets and Credit card. Life was simpler but you paid for what you get without any additional perks.

Today there are a dozen or so payment services in Singapore with some providing touchless contact. Some even provide additional discounts when you use them.

Before you take out your credit card to pay for the brush you need to groom your pets, let’s explore the options available.

Which one will provide the best payment processing Services?

We take a look at the popular contactless payment available on the market. Most of these systems use QR codes to make payments. Simply scan the code and input the amount to pay directly.

Standalone Payment Systems



Standalone payment systems use your existing bank accounts ( debit cards, credit accounts, current accounts) to make payment. It is usually a straightforward process that works like traditional NETs and Credit Cards, except that you do it contactless now.

Paynow 
Use your phone to make payments. You just need to download the app of the bank that provides this service, add your phone number and you are good to go. Take this as direct money transfer. Fund will be sent via your banking account and the process is almost immediate. It's great for those selling online, making payments to contractors or closing a carousel deal.

Banks using Paynow
  • Citibank
  • DBS/POSB
  • HSBC
  • Maybank
  • OCBC 
  • Standard Chartered
  • UOB


Visa Paywave and Mastercard PayPass
With Covid19, contactless payment is now the way to go. For payments, simply tap your card or phone to the terminal and money is deducted. 

NETS Flashpay
Nowadays, hardly anyone uses NETS for payment. Keying in the PIN would be a chore for more. Nowadays, NETS is mostly used for Cashcard Top Up. The successor, NETS Flashpay is a slightly more popular payment system. Instead of pi, one simply tap the NETS Flashpay card to pay. It works similar to Paywave and Paypass, except you would need to top up the card before use. Over 100,000 merchants accept NETS Flashpay in Singapore.

EZLink
The card that everyone has but not many used.

Mainly used as a cash card in the car for ERP or a card used for public transport. This card has been around since 2002. It can also be used for lifestyle payments such as retail shopping, dining at hawkers, leisure and more. Do note that it is only accepted at selected merchants. 



Mobile Wallets and Apps Payment
Mobile Wallets are virtual wallets that stores payment card information on mobile devices. Some apps build on the concept of mobile wallets by branding their payment methods with a credit or debit card as a source of funds. Others would require to top up the App before a payment can be made. It works similarly to a standalone payment, except that it would usually tie-up with merchants for additional discounts and promotion.


DBS Just Paylah
Just Paylah is similar to Paynow. This is a system developed by DBS. You can use it to buy tickets, book shows, order meals, take rides, pay bills. Used in more than 80,000 acceptance points across retail service, it also has partners promotions and benefits. Partners promos include discounts and special deals.

All you need to do it to have a bank account with DBS and download the Paylah App to start using it. You do not need to top up the app, but it will automatically deduct from your account if funds are insufficient.


OCBC PayAnyone
You can use PayAnuone using NRIC, moile or QR Code. Limited only to OCBC customer with online banking access, you could use it at selected Kopitiam, Taxis and more.

Alipay
Alipay is a cashless payment from China. You would need a credit card or account with a Chinese bank before you could use this in Singapore. It is mainly set up to cater to tourists paying for their expenses in Singapore

Grabpay
You can use Grab Pay for Grab Rides, Grabgood deliveries, instore purchase and funds transfer. You could either link to your credit/debit cards or use Paynow to top up your wallet. Grabpay allows you to earn GrabRewards to redeem rewards. Grabpay is tied up with Mastercard, so there is a wide range of merchants accepting it.


FavePay
Favepay is similar to Grabpay as you link a credit card to the app for use. In addition, it provides discount coupons on the app that you can redeem. Use the app on partner merchants and you can also earn a cashback of up to 20% to be used with the same merchant

Liquid Pay
Similar to Grabpay, Liquid Pay can be used at selected shops and over 100 Hawker Centers. Funds can be top up or simply add credit and debit cards to the account.

Singtel Dash
An all in one mobile wallet envision to use to pay daily payments. You could link DASH to your Visa card and start transacting with your phone. Local partners include Comfort, CitiCab, Fairprice, Redmart, Sheng Siong, Cheers, Breadtalk and more.



Phone Wallets

Apple Pay
Apple Pay allows you to link your existing credit cards to your iPhone via Wallet. Once down, it can be used for contactless payments, payment within apps and online purchases on Safari.

Samsung Pay
Works similarly to Apple Pay. It is designed to be used on Samsung Phone

Google Pay
Google Pay was previously exclusive to those with Android users who had debit or credit card. It is a digital wallet platform and an online payment system similar to  ApplePay. With the new Google Pay in Singapore, there are added features such as sending money to anyone on PayNow, ordering food or buying movie tickets.



Tips on Using
Given the number of apps and other forms of contactless payments, it could quite mind blogging to use them. Instead of using all of them, concentrate on a few. Standalone payments are great for paying individuals, while you can download Mobile Wallets apps to get discounts from merchants. 

Pro-tip, use credit card payments so you can stack credit card benefits together with the apps discounts and promos for a bigger bang for your buck!

The Future
Navigating the myriad of payments processing’s now like a navigating through the swamp. You need to build a stable road to reach your destination like how this website did with swamps in order to create a standardised platform.

There are just too many platforms to support in a small country like Singapore. For a country this small and to achieve economies of scale, a handful of key platforms for local use would suffice. With economies of scale, more benefits such as rewards can be passed on to consumers. It will eventually be a win-win solution for all, once the completion sorts itself out.

Which platform do you use and why?

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