I know Publish0x is patronized by crypto enthusiasts, but today, I will like to share my reflections on a similar trend in Singapore: e-wallets. Nowdays, particularly with Gen Z Singaporeans, many people do not even bother to bring cash out nowadays because they can settle all their daily transactions via e-wallets. Indeed, we are spoilt for choice because not only do we have international e-wallets (Apple Pay, Google Pay, WeChat Pay, PayPal), we also have myriad localised digital wallets such as Singtel Dash, GrabPay, DBS PayLah! and UOB Mighty. So, we can safely conclude that Singapore is a haven for the burgeoning fintech industry since so many players out vie for a piece of the market share.

Keen in the future of digital payments, I attended a talk organized by General Assembly. It featured a panel of prominent personnel who are occupying important roles in various digital payment firms: Singtel Dash, FOMO Pay, PayPal and Pomelo Pay. My curiosity was piqued because as we all know, PayPal has recently empowered consumers from the United States to make payments in Bitcoin, Ethereum and Litecoin. Hence, I wanted to know if PayPal Singapore would follow suit.

Unfortunately, the issue of crypto wasn't raised during the webinar. Nonetheless, I found it interesting how the speakers spoke about how the rise in digital payments in many countries around the world stems from the desire for societies to go cashless. In fact, one digital payment firm in Country A may collaborate with its counterpart in Country B so that citizens in both countries can make payments to each other even if they are using two different e-wallets. Such interoperability in payments will pave the way for a borderless world.

Another interesting point in which I derived from this webinar is that the digital payment firm will roll out an e-wallet service first. Then, as the e-wallet service is widely and well received by consumers and entrenches itself in their lives, the firm will introduce more and more services. An example is GrabPay. It started out as an e-wallet that enabled customers to hail cabs. Then, it gradually grew to an online supermarket, an online food delivery catering app and even a microinvestments app! Therefore, as the app becomes a superapp, this realizes the potential of the firm to consolidate its services and apply for registration as a digital bank. GrabPay has successfully applied for a digital banking license.

I was just wondering, if the number of digital banks increases in the near future, would this facilitate the use of payments in crypto since these digital banks are more nimble and receptive to novel payment methods? I mean, if the traditional banks are rolling out Central Bank Digital Currencies, surely the digital banks may look into adopting crypto payments as a way of making themselves stand out from the crowd? This is of course subjected to the blessings of governmental authorities. I think by and large, the Monetary Authority of Singapore exhibits an open-minded view on crypto.

Let me know what you think! 

Photo by Mikhail Nilov from Pexels