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Singapore Going Cashless - Assignment

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Added on  2020-04-21

Singapore Going Cashless - Assignment

   Added on 2020-04-21

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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:
Singapore Going Cashless - Assignment_1
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.
Singapore Going Cashless - Assignment_2
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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
Singapore Going Cashless - Assignment_3
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 "Going Cashless In Singapore Challenging But Not Impossible". 2017. The New Paper.
http://www.tnp.sg/news/singapore/going-cashless-singapore-challenging-not-impossible.
2 Kajdi, László. "A Western Diet with Chinese Spices–The Specificities of Payments in China." Financial and
Economic Review 16, no. Sepcial Issue (2017): 140-169.
3 Yaqub, 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 Science 3, no. 3 (2013): 200-212.
4 Prakasam, Silvester. "Evolution of E-payments in Public Transport—Singapore’s Experience." JOURNEYS 3
(2009): 53-61.
Singapore Going Cashless - Assignment_4

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