Aside from the explosion of rock music and big curls in the 80s, we were introduced to the cashless payment method called the General Interbank Recurring Order (GIRO). GIRO enabled its users to make convenient payments to billing organizations through their bank accounts. Since then, the digital cashless payment options have evolved dramatically. Nowadays, we can purchase items on online stores with a few taps of a button!
Let us get to know the nature and the examples of the e-wallets in Singapore.
HOW E-WALLETS WORK
Electronic wallets, e-wallets, digital wallets, or mobile wallets have taken over our lives in the previous months due to the effects of the global pandemic. E-wallets are virtual wallets, which are in collaboration with financial institutions (e.g., UOB or DBS), mobile service providers (e.g., SingTel), and international companies (e.g., Apple, Google, and Samsung). Many people have turned to cashless transactions to avoid carrying money or to avoid trips to the ATM.
E-wallets allow its users to store credit cards, debit cards, and loyalty cards into your device. Payments are made hassle-free as long as they are connected to your bank accounts or cards. Some e-wallets let you send and receive money through paperless transactions.
THINGS TO CONSIDER BEFORE USING AN E-WALLET
1. Which e-wallet do you want to get?
2. Does your preferred e-wallet have a maximum value that can be stored inside?
3. What is the expiry date for the money inside your potential e-wallet?
4. How much is the maximum value you can transfer out from an e-wallet per transaction?
5. Are there fees involved in top-up and other services?
POPULAR E-WALLETS IN SINGAPORE
1. Apple Pay
Apple Pay handles secure payment transactions between contactless terminals and Apple iOS devices. It can be used in 7-Eleven, Breadtalk, Giant, FairPrice, Uniqlo, and so much more.
2. SingTel Dash
Dash allows you to top-up your Singtel prepaid account or other Dash accounts to pay partner merchants in Singapore, Thailand, and Visa payWave partner merchants worldwide. You may pay online purchases through the Dash Visa Virtual Account and transfer funds within Singapore and to India, Indonesia, Philippines, China, Myanmar, and Bangladesh.
As the name suggests, GrabPay can be used to pay for Grab rides, GrabFood deliveries, and selected merchants with the GrabPay QR code. You can also use it with the GrabPay Card where MasterCard is accepted.
FavePay is a quick and easy way to pay your favorite merchants and get instant cashback. FavePay accepts debit or credit cards (e.g., Visa, MasterCard, and American Express), GrabPay, Paypal, Boost Payment, and Air Asia Big Points. You can use the FavePay for selected merchants with the FavePay QR code.
AliPay is a global payment platform with over 400 million users around the world. It is backed by the Chinese tech giant Alibaba and uses advanced encryption technology to ensure personal information and online payments are secured. It can be used to cover payments to ComfortDelGro and Prime taxis, Resorts World Sentosa, Metro, Singapore Zoo, Universal Studios, and more.
6. Google Pay
Google Pay is an online payment system developed by Google. It enables its users to pay for transactions with Android devices in-store and on supported websites. You can use it in-store at more than 80,000 checkout counters such as Cheers, Cold Storage, 7-Eleven, NTUC, McDonald’s, and Uniqlo.
7. DBS PayLah!
DBS PayLah! is a personal virtual wallet, which allows you to perform transactions such as Scan and Pay (NETS), funds transfer, QR Code payments, online purchases, and bill payments on-the-go. Discover its functions through the DBS PayLah! app.
NETSPay enables you to register your POSB/DBS ATM Card digitally. Once you have stored your cards, you may leave it at home and start paying with your smartphone. You can use this digital wallet to pay selected merchants in Singapore and Alipay Connect-enabled merchants in Japan.
9. EZ-Link Wallet
EZ-Link Wallet is personal mobile wallet within the EZ-Link app. You can use it to make payments conveniently at retail outlets domestically and overseas by scanning a QR Code or at an Alipay Connect-enabled merchant. Moreover, you can earn EZ-Link Rewards points for your transactions.
Use these information to make thoughtful decisions when it comes to your e-wallet and online payment transactions.