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Digital payment

I wish to suggest how Singapore can implement digital payment more comprehensively.

We must first recognize that there is already digital payment using the following channels:

* payment by credit card
* tapping of the RFID enabled credit card.
* payment by bank transfers
* Pay Now
* e-wallets operated by several banks and non-bank organizations

To complete the landscape, we need a platform that can be used by people who cannot make digital payment using a mobile phone or computer.

These includes children and the elderly and lower educated people. They now have to rely on cash.

The Tap Pay card that I have developed can fill this gap. It creates an e-wallet which is linked to a card. The TP card can be tapped to transfer money from the e-wallet to the payee.

To the payer, the process is similar to paying by cash.

To the merchant, this process has several advantages

* No need to give change
* No need to collect and bank in the cash.

The Tap Pay card can also be used for people who prefer to make anonymous payment – similar to paying by cash. They can apply for an anonymous e-wallet.

The e-wallet can also be identified to the customer – if the customer wishes it to be the case.

I hope that the MAS consider the use of the Tap Pay card.

 

Tan Kin Lian

 

 

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13 Responses to “Digital payment”

  • Tracey Ching:

    Comrade Ah Tan, tap your head zzz… to Teng Suan. You are trying to hard to be a nuisance. Go and retire with whatever limited time you have on earth.

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  • Police CLOSE DOWN:

    What’s wrong with using cash? All those digital payments have to apply and there are bank fees.

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  • oxygen:

    @ TKL

    YOU THINK the world will trust your card – plenty of fraudsters will readily supply fake copies – as if yours is legal tender?

    Will MAS give you a licence to act as a financial intermediary without spending huge amount of invested capital in its infrastructure, particularly security preservation?? Think.

    You are not a walking brand (the exact opposite is more it appears to be, Mr. TKL) but a loudmouth of noise pollution and unworkable revolutionary yet simplistic thinking.

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  • TRE freerider:

    It just clearly showed his shallow knowledge on the subject and no point commenting on his postings, directing or educating him any further. No medicine can cure him. He can apply to MAS directly if he thinks befitting even for their time.

    Also, TRE merely degrades its Platform by continuously publishing flawed low grades articles from him.

    As the saying goes, do not associate with fools.

    Tracey Ching:
    Comrade Ah Tan, tap your head zzz… to Teng Suan. You are trying to hard to be a nuisance. Go and retire with whatever limited time you have on earth.

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  • MarBowling:

    TP Card = Tekan People Card!

    When production costs for the TP = $x.00/card:
    If Goondu MAS accepts your idea, then say 2,000,000 Subscribers x $0.20 profit = $400,000.00!
    If $0.50 profit, Tan Golden Chain could become a Millionaire without being a PAPIGS World Class Minister!

    Tan Golden Chain, Jia Yu!

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  • be Simple:

    Make it simple ,cheap, convenient and safe…then more people will use.

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  • Anonymous E-Wallet Seems Good:

    The Tap Pay card can also be used for people who prefer to make anonymous payment – similar to paying by cash. They can apply for an anonymous e-wallet.

    The e-wallet can also be identified to the customer – if the customer wishes it to be the case.

    I hope that the MAS consider the use of the Tap Pay card.

    I like the idea of anonymous e-wallet. Currently, my paywave enabled debit-card is tied to my savings account. If I lose (or being stolen) my debit-card, I risk losing much money from my savings account. If paywave payment is restricted to deducting from the anonymous e-wallet attached to my debit-card, the my risk is restricted to the amount I have transferred to the anonymous e-wallet (Automatic top-up functions could be created for the anonymous e-wallet).

    Would like to see local banks consider this kind of digital payment service.

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  • Soccerbetting2:

    Stated above :Quote -”The Tap Pay card that I have developed can fill this gap. It creates an e-wallet which is linked to a card. The TP card can be tapped to transfer money from the e-wallet to the payee…..”Unquote .

    Response : I think Singapore have a “CASHCARD” and whether the “CASHCARD” system is still in use in Singapore or not,that is I am not sure .The only difference that I can see between the “CASHCARD” and the “Tap card” is that “CASHCARD” is not link to a card and has to top up manually through ATM or whatever when depleted. Basically ,Singapore can make use of a “CASHCARD” to pay for all food,phone bills ,utility,…..or whatever.Just top up and set the “CASHCARD” to $2000 maximum top card,a lot of things can be pay by “CASHCARD” .Even kopitiam card can be scrapped .Need so many different card ,different software ,different digital system for what ? Make things simple and easy and don’t waste unnecessary time .Cashcard may not be the best solution but it is good enough for simple usage.

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  • Grab Gojek merger talk:

    Will Grab Gojek merger lead to riders and driver guys earning less since they expand their dominance approaching monopoly?

    Grab is sg swf invested company. Surely there is swf approval when they go into merger talks?

    Is the Competition watchdog a wayang?

    There is no Union for Delivery riders and drivers doing grab, food panda and deliveroo??

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  • Harder Truths:

    Once there is a compulsory digital currency you can say bye-bye to any small freedom you now have. You will be OWNED by the government. They will know every payment and transaction you make, who you pay, what you buy and what you do with your money.

    The day you get digital currency is also the day you get a social credit score to make sure you behave. I am sure this thing is in the works. Team Despot is waiting for the right moment to shove it up our collective a**es.

    They can switch you off the grid if they do not like your behaviour, your supporting of opposition or in very broad terms – anything that is considered you not being a good citizen.

    For TKL this is not a problem, as a mentally ill person is not considered a threat to the government.

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  • oxygen:

    @ Anonymous E-Wallet Seems Good:

    ALL PAYWAVE ENABLED DEBIT CARD PAYMENT is ROTTEN BAD. Banking customers MUST BE PROPERLY ADVISED OF THE CONSIDERABLE RISKS OF SAVINGS BALANCE of its use and MUST BE GIVEN THE UNFETTERED OPTION of refusing such risks exposure arising from one LOST OR STOLEN debit card.

    Anonymous E-Wallet Seems Good: I like the idea of anonymous e-wallet. Currently, my paywave enabled debit-card is tied to my savings account. If I lose (or being stolen) my debit-card, I risk losing much money from my savings account. If paywave payment is restricted to deducting from the anonymous e-wallet attached to my debit-card, the my risk is restricted to the amount I have transferred to the anonymous e-wallet (Automatic top-up functions could be created for the anonymous e-wallet).

    Would like to see local banks consider this kind of digital payment service.

    But at least ONE BANKSTER in LEE-jiapore did the OPPOSITE – their retail banking literally defraud customer’s request for ATM card, SILENTLY SUBSTITUTING IT with debit-card instead.

    When confronted with such unethical practices, their customer’s service did two disgusting things

    - offer the offended customer’s option to limit credit card WHICH THE CUSTOMER CANNOT QUALIFY OUTSIDE MAS REGULATORY FRAMEWORK of financial eligibility for such credit line access, and

    - secondly, calling up the customer BY PHONE to encourage customer to accept the option in the preceding. THIS IS IN BANKING LAW constituting “HAWKING” of financial services just like selling dumb customers Lehman Brother bonds without regards for the customer’s suitability to buy/utilise such flawed banking products. ON THE PHONE, THE CALLER (bankster’s customer service) is prepared with entrapping customer’s unwilling acceptance BUT THE DUMB CUSTOMER IS UNPREPARED of what is waiting in ambush of his uninformed awareness and ignorance ready for the exploitative deceptive “seemingly innocent conversation”.

    NO BANKSTER SHOULD CALL UP CUSTOMER ON THE PHONE TO OFFER FINANCIAL PRODUCTS AND SERVICES – it is the same degradation as a scam scoundrel calling up to sell “no merchandise” or fake goods – the customer unprepared of the entrapment in waiting and the caller/bankster with all information sitting in front of his/her PC terminal, all fully prepared, anticipated of objection and ready ambushes to overcome these likely objections.

    THAT IS WHY IT IS NEVER SAFE to leave

    - your mobile phone/email address to BANKSTER or any other EVEN IF THEY ARE LICENSED BY MAS.

    Social media has warning that one bankster decline responsibility for fraudulent debit card losses claiming customer has the “possession” of OTP.
    token.

    BUT WHICH BANKSTER SENT OTP TOKEN to customers – TOTALLY UNSOLICITED??

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  • oxygen:

    @ Anonymous E-Wallet Seems Good:

    IF YOU SUPPLY FINANCIAL INSTITUTIONS YOUR EMAIL….(this could happen)

    THE NEXT CON-MAN TRICK the bankster will do is this – they will send you a “risks warning” statement to your email address you supplied to them they politely and seemingly innocuously at the application counter (which they can prove later of existence of this charming email) BUT WITH A DECEPTIVE COVER letter of “No further action or response from you is necessary”) – IF AND WHEN YOU MAY CONFRONT THEM OF FINANCIAL LOSSES to your savings from the bankster’s software security lapses some 15 years later.

    Are you going then to spend the next 5 years of sleepless nights, anger, money, mental health exhaustion and drawn-out thug of war with a bankster whose modus operandi is no better than a CON-MAN selling koyok in pasar malam?

    MY POINT IS NEVER TRUST DIGITAL-BASED FINANCIAL SERVICES BLINDLY – IT SHOULD BE YOUR BANKSTER SUPPLYING YOU THEIR PHONE CONTACT AND EMAIL REACH for contacts on matters of service lapse and failed performance delivery – never the other way around.

    If you supply your mobile phone and email, THE BANKSTER WILL TURN THE TABLE ON YOU AND SCAM YOU with “hawking of financial services” con WHEN ALL ELSE FAILED OF RESOLUTION.

    Remember – BANKSTER CALLS YOU WHEN THEY ARE PREPARED AND YOU ARE UNPREPARED.

    The more information you leave with bankster, the worst you are of ready for their exploitative deception.

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  • Fools like him:

    Anonymous e-wallet? fools like him are a complete waste of time.

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