Running head: SINGAPORE GOING CASHLESS Can Singapore Catch Up in the Race to go Cashless? Name of the student: Name of the university: Author note:
1 SINGAPORE GOING CASHLESS Abstract The paper covers a very important literature review on cashless payment system in Singapore. Throughout the paper it tries to cover the pros and cons of using cashless system in Singapore. The paper has supported its discussion from few evidences on other countries as well such as China and Nigeria. China is the most successful countries in cashless system mainly because of the huge numbers of internet users and the success of Alipay. The paper has though shown that Nigeria is facing certain challenges in terms of the support, which is inadequately being driven by the different stakeholders in the country. However, the paper also confirms that Nigeria has aimed to attain a cashless status in order to be in the list of top 20 economies in the world by 2020. The paper at the end leaves few areas for further research.
2 SINGAPORE GOING CASHLESS Table of Contents Literature review:.............................................................................................................................3 Study background-.......................................................................................................................3 Obstacles behind a slow take-up rate of cashless payments in Singapore-.................................3 Influencing factors for the adoption of cashless payments-........................................................5 Benefits from Singapore going cashless-....................................................................................7 Learning from countries having successful take-up rates in cashless payments-......................10 Discussion-....................................................................................................................................12 Implications-..................................................................................................................................12 Bibliography..................................................................................................................................13
3 SINGAPORE GOING CASHLESS Literature review: Study background- Cashless payment through mobile does not mean a complete ending of physical mode of payment. However, it rather means a reduction in the physical mode of payment. Singapore is a highly active country when it comes to technology and innovation; however, it has somehow not shown the thirst which was required for considering the adoption of mobile payment1. On the other hand, China is a leading country in terms of using the cashless payment2. Interestingly, other developing nations such as Nigeria have shown their interest in the cashless payment3. The main purpose of this assignment is to analyze the opportunities and the challenges, which are there in the cashless payment system. The literature review tries to show the prospect of cashless payment in Singapore. Obstacles behind a slow take-up rate of cashless payments in Singapore- There are some reasons, which have discouraged the country from going cashless. Some of the reasons that might be the causes behind a slow approach towards a cashless payment are as follows4: Limited trust on the electronic devices that facilitates cashless payment 1"GoingCashlessInSingaporeChallengingButNotImpossible".2017.TheNewPaper. http://www.tnp.sg/news/singapore/going-cashless-singapore-challenging-not-impossible. 2Kajdi, László. "A Western Diet with Chinese Spices–The Specificities of Payments in China."Financial and Economic Review16, no. Sepcial Issue (2017): 140-169. 3Yaqub, J. O., H. T. Bello, I. A. Adenuga, and M. O. Ogundeji. "The cashless policy in Nigeria: prospects and challenges."International Journal of Humanities and Social Science3, no. 3 (2013): 200-212. 4Prakasam, Silvester. "Evolution of E-payments in Public Transport—Singapore’s Experience."JOURNEYS3 (2009): 53-61.
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