News coming out of both Singapore and Thailand in recent weeks shows just how serious these two nations are about connecting digital payment systems to one another, providing consumers, citizens, and businesses large and small throughout the region with easy tools to curb the use of cash money.
It’s been no surprise to anyone paying attention and that both of these nations have been working so hard to move towards a cashless society, but a lot of people are a little bit surprised that both Singapore and Thailand have been working together so closely – and for so long – to come up with ePayment solutions that are designed to usher in the cashless society much faster than most people would have expected.
The system, engineered specifically to create the first national digital payment platforms ever created, are still in the “beta stages” of development but are progressing along rather rapidly. The Singapore Pay Now system and the Thailand Prompt Pay system are both the brainchild of the same startups in southeast Asia, working in partnership with government agencies to create a more effective cashless system that works on a national scale.
Both of the monetary authorities of Singapore and the Bank of Thailand are trying to find a way to effectively network these new digital ePayment solutions together, relying on the resources of both nations to pull together a system that “works” right out of the box. Discussions are still very much in the preliminary stage of the game – and there is no finite timeline on when this project needs to push forward or when it needs to be unveiled to the general public – but the partnership is much further along than some thought originally.
The governments of Singapore and Thailand aren’t the only Asian nations that have been looking for ways to modernize the traditional payment process that involves paper money and coinage – a significant expense to small nations and as “insecure” a payment process as there is today, especially with the rapid evolution of crypto currencies and the like.
Societies all over the world have been trending more and more towards a digital or ePayment kind of currency service, as folks use debit cards and credit cards for far more transactions than they are using cash or coin. At the same time, there aren’t all that many nations around the world that are looking to move towards a completely “paperless” economy – though that seems like the end goal for Singapore and Thailand, at the very least.
57% of more than 4000 consumers throughout seven individual Asian markets in a recent test said that they depend upon paper currency and coinage, though other research shows that digital transactions are very much the future of the global economy.
It’s is going to be very, very interesting to see how things shake out moving forward. Singapore and Thailand have never been shy about pushing forward new solutions that other nations inevitably get on board with as well, and if this true paperless currency movement catches fire on a global scale both of these nations will be out in front of it.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like FinTech Startups in Singapore and Singapore’s Economy Is Expected to Grow This Year and all topics related to Tech and Business, if you are interested about Singapore Company Registration Services visit our website.
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