Coffe at Quartet KL

Ewallet Evolution

Cashless payments (ewallets) seem to have gone off the boil a bit. The forums are filled with support questions as compared to feature discussions and product suggestions earlier. Common gripes:

  • Multi-step UX compared to cash or cards
  • Reluctant cashiers, no internet connection
  • Server downtime, top-up issues

Add to these is usage which has been driven by discounts (cashbacks), gaming (shaking the phone etc) and elite incentives (optimal FX rates).

At this rate, ewallets risk going the way of ebikes (mobike, ofobike) in the sense the solution is ahead of its time. One way forward is to get a regulatory helping hand, eg. at designated places, like food courts, implement a cash surcharge of 50 sen/cents (payable to a fund to promote or facilitate cashless payment) or total cashless operation, on reason of hygiene.

For the authorities to reasonably mandate cashless transactions, the system(s) must be robust especially in terms of internet or server downtime. One way this could be achieved is to have a serverless system. How? By using a stored-value method like the TnG card - the value is stored in the phone and synced with the server later. Doing this won't be easy though, as it requires good security and to be at the cutting edge.

F&B is one business that cashless payments have the greatest potential for uptake and usage. This is because many urbanites buy breakfast, lunch, dinner, supper and/or snacks everyday, from upmarket eateries to fast food and street food, to school canteens. Since the majority of these transactions are lower in value (20 bucks or less), they can be accorded a different risk profile and placed at the cutting edge. More on cashless F&B by Fave, OwnersCircle, Quartet and Drinkentrepreneurs next Wed, 3rd April 2019, 8pm @ Publika tix.

Pick of Events (W1-Apr-2019)

Link Knowledge Mgmt @ KL
Link Product Mgmt @ KL tix
Link Tribal Education @ KL
Link Intro to AR @ KL tix
Link Halal Showcase @ KL
Link Robots & AI @ KL tix
Link Lean-In Kickoff @ PG

Around The Region
Link LawRegTech Hack @ HK also
Link Fintech Whitepaper @ HK
Link Triple Bank Hack @ HK
Link Funding Meetup @ HK
Link Change Makers @ HK tix

Link Inhuman HR @ HK
Link Food Traceability @ SG
Link Future of Food @ SG tix
Link Women in Tech @ SG
Link Women in Finance @ SG
Link Creative Leaders @ JKT tix

Link Online Wholesaler @ JKT info

Link French Festival @ KL
Link Classical French @ KL
Link Chamber Concert @ KL
Link Coffee Fix @ KL also
Link Game Changers @ HK

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