Publication Type

Journal Article

Version

acceptedVersion

Publication Date

2-2018

Abstract

This paper discusses the digital payment scenario unfolding in Singapore as the country’s government ponders the tremendous leap made by China in the digital payment space. The paper discusses possible key factors contributing to the success of digital payments in China, such as the success of WeChat, and whether this could be replicated in a country like Singapore. Although China and Singapore are vastly different in size, they share many similarities, including a strong one-party government which is actively involved in the direction and growth of the economy. Both countries share similar cultural and social influences including materialism, IT adoption and an emphasis on education. This paper focuses on small-value payments, which often represent the last mile in the evolution towards a fully cashless society. Using a comparison between China and Singapore, the paper considers those factors critical for the adoption of cashless payments, such as merchant discount rates, critical mass, point-of-sale interfaces, mass transit cards, consumer behaviour and government policies.

Keywords

China, QR code, Singapore, WeChat, cashless payments, digital payment evolution, mass transit payment, small-value payments

Discipline

Asian Studies | E-Commerce | Technology and Innovation

Publication

Journal of Payments Strategy and Systems

Volume

11

Issue

4

First Page

306

Last Page

312

ISSN

1750-1806

Publisher

Henry Stewart

Embargo Period

3-12-2019

Copyright Owner and License

Author

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