Getting to a unified digital payment system for Singapore

Nets – the leading payment solutions provider – recently announced that it would launch new payment modes across all of its 100,000 acceptance points in Singapore by mid-2018. What does this mean for Singapore’s quest for a unified payments system? Japnit Singh, Deputy Chief Executive Officer at Spire Research and Consulting shared his insights, published on Today Online’s news portal.

Japnit opined that the infrastructure laid out by Nets for a unified point-of-sales terminal is a big step forward. But what was needed was an open platform with other payment companies able to join, to ensure competition. This is seen in the telco industry where infrastructure sharing is required.

The new payment modes that Nets will implement include an app storing a digital version of Automated-teller machine (ATM) cards, new contactless cards along with mobile payments through Quick Response (QR) codes.

It remains to be seen if transaction fees will be hiked. If so, merchants will have to decide if they are willing to pay more per transaction in order to broaden their potential customer base in a country that is moving towards cashlessness.

https://www.spireresearch.com/newsroom/media/getting-to-a-unified-digital-payment-system-for-singapore/

Comments

Egyptian-Israeli gas deal to boost bilateral trade

A USD15 billion deal has been announced between Israel and Egypt to export natural gas. Israel’s Delek Group has signed an agreement to supply 64 billion cubic meters of gas in a span of ten years to Egypt’s Dolphinus Holdings. The deal is considered a milestone ever since the 1979 peace accord, bringing Egypt a step closer to becoming a regional energy hub. However, the transportation of natural gas from Israel to Egypt is a challenge given the security risks. Will the Egypt-Israel gas export deal usher in a relationship of bonhomie and economic co-operation? Read more here: https://www.spireresearch.com/newsroom/spirethoughts/egyptian-israeli-gas-deal-to-boost-bilateral-trade/

Spire speaks on Omni-channel strategies for Indonesian retailers

Spire was honored to participate in the Samsung Top Achiever Retailer (STAR) event held on 22 August, in Jakarta. Albertus Edy Rianto, Senior Manager, Spire Indonesia, shared his insights on the significance of Omni – channel strategies for mobile phone retailers. Albertus discussed offline-to-online strategy, where multiple channels merge to help target customers across various channel platforms. He elaborated that more than 80% of Indonesian mobile phone retail sales in 2020 will still occur at physical outlets. However, 71% of Indonesians browse online for a while prior to shopping at a physical store. Factors that influence customers include better delivery conditions, storefront apps for better sales and even packaging. As customers become more tech-savvy and demanding, more consideration will be given to innovative payment processes and browsing more than one channel to make a purchase. As far as online purchases are concerned, 25% of customers still feel ...

Asia-Pacific nations poised to sign the world’s largest multi-lateral trade agreement, RCEP, in 2020

After six years of negotiations, more than a dozen countries in the Asia-Pacific are poised to sign the world’s largest trade agreement, known as the Regional Comprehensive Partnership (RCEP), in 2020. This agreement would boost commerce among participating countries by lowering tariffs as well as standardizing customs rules and procedures. The RCEP will widen market access, especially for those countries that do not have existing many bilateral trade agreements in place. Will India pay a price for its decision to stay out of the RCEP? Read more: https://www.spireresearch.com/newsroom/spirethoughts/asia-pacific-nations-poised-to-sign-the-worlds-largest-multi-lateral-trade-agreement-rcep-in-2020/

Prison ankle bracelets are all the rage in Brazil

With about 622,000 inmates, Brazil is home to Latin America’s largest and the world’s fourth largest prison population. Around 32,000 criminals sport one of the many types of ankle bracelets being used. Many others are on a waiting list. The authorities estimate that they can save anywhere from USD12,000 to USD 72,000 a year for every tagged inmate removed from prison. Will ankle bracelets allow more prison inmates to serve their sentences from home? https://www.spireresearch.com/newsroom/spirethoughts/prison-ankle-bracelets-are-all-the-rage-in-brazil/

Germany: The Eurozone’s economic powerhouse

Germany is the fourth largest global economy today. Its exports amounted to EUR107 billion in March 2015 – an all-time high since the 1950’s. Despite being the only European nation with a strong manufacturing base and rising employment rate, will Germany succeed to drive Eurozone’s stagnant economy? And what lessons does Germany’s economic success hold for the rest of the world? Germany’s resurgence With the second lowest unemployment rate in the European Union (EU) at 5.3 per cent, Germany’s economy has survived many setbacks. The economic success dates back to the Industrial Revolution due to the early adoption of coal production and rail transportation. Moreover, the fall of the Berlin Wall – the reunification of West and East Germany – and the expansion of the EU created huge market opportunities for Germany. Often regarded as the ‘Sick man of Europe’, Germany had almost lost hope of returning to rapid economic growth, undergoing recessions in 2003 and a dismal 1.2 p...

The Knowledge to Decide

Search This Blog