Is a 100% cashless society just on the horizon? | Future Tense: Episode 5

BY DBS, 10 Dec 2020

While the Covid-19 pandemic has had a devastating impact on many sectors, it has no doubt been a boon for e-commerce and digital payments.

With consumers staying home, sales on e-commerce platforms have skyrocketed. And even when consumers head out, more are opting for contactless forms of payment, instead of handling physical cash. For instance, DBS Bank saw payments made via its DBS PayLah! mobile wallet increase by 40% in October this year, compared to a year ago.

As part of its line-up for this year’s Singapore Fintech Festival, DBS hosted a panel discussion on the future of e-commerce with representatives from DBS Bank, lifestyle app Fave, super app Gojek and WhyQ, a hawker-first digital ecosystem. The panel was moderated by Jolyn Tan from Group Strategic Marketing and Communications at DBS.

Full transcript here.

Anthony Seow, DBS Head of Payments and Platforms
Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia
Lien Choong Luen, General Manager of Gojek Singapore
Varun Saraf, co-founder and CEO of WhyQ

0:23 - How Covid-19 is a boost for digital payments, partnerships and multi-channel approaches.
7:55 - We might be closer to a 100% cashless society than we think.
9:43 - Beyond just facilitating transactions, digital wallets and apps are part of an ecosystem, which other services can be layered on.
11:17 - For some businesses, such as hawkers, digitialisation was a necessity due to Covid-19. But more is needed to convince them to fully embrace going digital.
14:07 - Working with partners to create a seamless journey for customers.
15:25 - Impact of Covid-19 on expansion plans and corporate partnerships.
18:52 - Impact of the new digital banking licences in Singapore.

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