e-payments

Singapore launches unified QR code for e-payments; new rules soon to address likely risks
SINGAPORE (Sept 17): Singapore on Monday launched the Singapore Quick Response Code (SGQR), which combines multiple payment QR codes into a single SGQR label. Photo: Minister Ong Ye Kung testing out the new SGQR label to make a purchase. The first of its kind globally, SGQR will be adopted by 27 payment schemes, including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH. To be deployed ...
Singapore banks could still win despite e-payment disruption: Morgan Stanley
SINGAPORE (Sept 7): The rise of e-payments might create a potentially existential challenge for banks, but two Singapore banks are expected to emerge winners despite the disruption, according to Morgan Stanley Research. Across Asean, banks are expected to lose between US$13.1 and $15.5 billion ($18.0 and $21.3 billion) in value to non-bank operators by 2022 as a result of this e-payments ...
2 in 3 SMEs expect to go cashless by 2023: OCBC
SINGAPORE (Aug 10): Times are changing for businesses with the boom of the e-payments movement in Singapore. More than 66% or two in three Singapore-based SMEs say that they are likely to go cashless – including doing away with cheques – by 2023, according to a poll conducted by OCBC Bank, two weeks before the launch of PayNow on 13 Aug for businesses. What is even more encouraging is ...
Singtel to collaborate with Razer on e-payments and gaming
SINGAPORE (May 2): Singtel and Razer have signed a memorandum of understanding (MoU) to work together in the areas of e-payments, e-sports and other gaming-related digital media and telecommunication services in Southeast Asia. The agreement will see Singtel and Razer create Southeast Asia’s largest connected e-payments network. The two companies will also work on building the region’s ...
Asean e-commerce poised for explosive growth on the back of China's tech dragons
SINGAPORE (Jan 31): The entry of Chinese tech giants into the Asean e-commerce scene could see explosive growth for online retailing in the region, according to Credit Suisse research. While business-to-consumer (B2C) e-retailing, or e-tailing, has already expanded at a compound annual growth rate (CAGR) of 23% over the past five years, Credit Suisse notes that B2C e-tailing penetration is ...
Singapore, Thailand explore e-payment alliance
(Oct 5): Singapore and Thailand are in discussions about connecting their national digital payment systems to forge an unprecedented regional alliance, as officials step up efforts to curb the use of cash. The link would bring together Southeast Asia’s first national digital-payment platforms, Singapore’s PayNow and Thailand’s PromptPay, said Naphongthawat Phothikit, director of payment ...
Oei Hong Leong setting up US$5 bil data centre firm; IPC to acquire stake in AI business
SINGAPORE (Sept 18): Billionaire businessman Oei Hong Leong is upping the ante with plans of a US$5 billion ($6.7 billion) data centre business to propel Singapore forward as a new information technology and investment centre. “Over the past decade, in the field of artificial intelligence, electronic payment and other high-tech areas, Singapore is not really in the leading position,” Oei ...
Banking on cashless payments to raise profits by up to 9%
SINGAPORE (Sept 18): Even as Singapore gears up on its cashless payments ambitions, Maybank Kim Eng Research says higher adoption of e-payments could raise the banks’ earnings in FY17-19E by as much as 9%. According to Maybank, the bulk of banks’ cards fees come from merchant discount rates (MDR) and net interchange fees. Assuming that some 70-90% of banks’ card fees in Singapore are ...
This ride-hailing app now wants to grab a share of the e-payments pie
SINGAPORE (Aug 31): Ride-hailing firm Grab has signalled its intention to move beyond transportation. The private hire car service operator on Wednesday launched its peer-to-peer fund transfer feature, allowing users to transfer credits to others via its in-app mobile wallet. More importantly, the P2P fund transfer technology unlocks the path for Grab to offer e-payments for merchant ...