Digitalization is a trend that has steadily embraced our generation to its fullest, especially among mobile users. One significant evolution is how we fulfil our financial transactions. It has been immensely impacted through digitalization, where we witness the up and rising technology of mobile payment.
The augmentation of smartphones further fuels digital transactions. I’m sure many of you will be familiar with utilising some of the few common forms of mobile payments: Apple Pay, Google Pay, Pay Lah!, and even Grab/Fave Pay. We have seen many businesses, even traditional businesses such as hawkers, bakeries, etc. incorporating these mobile payment methods which are slowly eliminating the use of traditional payment methods.
I, myself, am enjoying this new technology and here’s why mobile payment has become my preferred choice of payment:
- Undeniably, mobile payment has brought us a whole new level of convenience. Ever since the introduction of mobile payment technology, I found myself less reliant on the need to have cash on hand. Payment can be made anywhere, at any time as long as I have my smartphone with me. This has almost entirely eliminated the stress for me to constantly look for an ATM machine near me. It has also sped up transaction time as compared to the soft cash payment method, and allows me to better track my spending!
- With the increasing availability of such services, competition in the mobile payment technology has also become more and more competitive. Companies are starting to offer various loyalty programs such as loyalty points and transaction bonuses such as cash-backs. Of course, these programs are implemented to encourage more people to engage in their mobile payment services but as a consumer myself, it has definitely enhanced the customer experience as well. To me, it is an added benefit of utilising mobile payments so, why not!
Of course, with the constant growth and development of technology, I do not expect the mobile payment technology to stop right here! I am sure will continue to grow and balloon and I can’t wait to see what the future technology has in store for us! Are you also a convert like me, who has become greatly dependent on the mobile payment technology? Do let me know what you think about mobile payments and also how you think the future technology will evolve into!
Going Digital 
Hi Jaz, this a great insight into the ever-changing digital world that we live in! I fully concur with your outlook on mobile payments and how much it has made purchases much more convenient, both in brick and mortar businesses, as well as businesses such as vending and claw machines. However, do you think that we will fully transition to complete cashless transactions in the future? Let me know your thoughts on that! 🙂
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Hi Isaac, thank you for reading! I feel that it is possible for us to transite into complete cashless transactions in the future with the advancement of technology and our generation as long as we are equipped with the necessary tools and “training” to learn and utilise such technologies!
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What an insightful post! Yes, I completely agree with your pointers. I, too, am highly reliant on digital payment methods. It has provided a great amount of convenience in my lifestyle as I no longer have to bring my wallet out. That being said, such digitalisation might leave the senior population in the lurch. Can you propose some ways in which senior citizens can be integrated into these new systems? 🙂
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Hi Derrick, thank you! In my opinion, as long as the senior population is willing, it is not difficult for them to learn and integrate into these new systems as long as the resources are provided for them to learn and adapt!
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Same here! I myself also relies heavily on mobile payments due to its convenience and fast payment method. However, do you think going total cashless is possible? In my opinion there is still a percentage of population that prefers cash transactions / does not like online payment methods/ people who are not familiar with mobile payment or even people without a smartphone (eg, older generations, children, etc) What are some of your recommendations?
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Hi Aiseen, thank you for reading! I agree that there are definitely people who still prefers cash transactions! Therefore, I will not recommend SMEs to completely eliminate the use of cash payments, but instead, to incorporate both payment methods for the convenience and preference of all consumers!
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Totally agree, the convenience that such payment methods have brought about are tremendous. I myself have been heavily dependant on my phone and carry almost no cash on me most of the time.
However currently not all places accept cashless payments especially the less developed parts of Singapore. Do you think we may be able to transit into a cashless society completely?
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Hi claudia, thank you for reading! I do believe it is possible for our society to transit into a cashless society completely in the years to come with the constant advancements and change in generation groups!
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Hi Jaz! I agree, I rely heavily on cashless payments because I find it so much easier than taking out my wallet. However, I believe there still are people who prefer cash instead of cashless. Everything is going digital and there’s a high chance of it continuing to do so in the future, but do you think everyone will be open to accept and adapt to that?
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Hi Nadia, I absolutely agree with you! I am also one who relies heavily on cashless payments as well because of how fuss-free it is! I will not eliminate the possibility that there will still bound to be people who ultimately still prefers cash payment, to each of their own. However, I believe that as we advance into the future, more people will be more receptive and adapt to the idea of cashless payments!
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I heavily rely on cashless payment methods such as pay wave because I find it convenient and will not need to carry a wad of cash on hand for purchases. but do you think Singapore can fully transition to only cashless? especially that wet markets/hawker centres/mama shops probably do not have cashless payments but are a very big part of the Singaporean way of life! furthermore, there might be an issue of adaptation for the older generation who are more traditional and suspect of such methods of payment as they are not familiar with it and/or are not tech-savvy like us.
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Hi Malcolm, thank you for reading! I do agree that it may be a little more tricky for traditional consumers to transit into cashless payments. However, I believe that is due to the lack of exposure and knowledge on how to utilise this new technology. In fact, there are actually many hawkers and mama shops who have adopted the use of cashless payments, this shows an advancement, in which I believe will also happen with the “older” generations as long as they are taught on how to use it!
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Great post! I definitely think that mobile payments are the way to go especially during this pandemic where we try to keep as little physical contact with other people. However, we can clearly see the difference between usage of mobile and cashless transaction between Singapore and countries like China where almost all of them do not carry cash with them. Why do you think this is so?
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Hi Raihan, thank you for reading! I believe that our generation now pursues convenience and are able to “do whatever it takes” to realise that. Every country progresses differently, which is why we are starting to see such a difference in lifestyle and habit!
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