As Singapore celebrates its 52nd birthday this month, Prime Minister Lee Hsien Loong, in his national day rally speech, took the opportunity to share about Singapore’s progress towards a Smart Nation. However, in highlighting its progress, PM Lee also brought up how Singapore is lagging behind other cities in terms of digital payments as majority of Singaporeans are still using cash in routine transactions.
According to a recent study by RFi Group, 65% of Singaporeans still prefer to use cash for low value purchases and only 38% could imagine a cashless society. The study also found that in general, across different countries, consumers are apprehensive towards contactless payments because they do not trust the technology.
Consumer doubts are reasonable given the evolving fraud patterns and threats that outpace the efforts by manual review teams. CashShield believes that organizations need to focus their attention and be ready to adopt advanced technologies like AI and machine learning to effectively detect and stop these fraud attacks. This not only increases consumer’s confidence in adopting cashless payment methods but also brings the nation closer to its Smart Nation vision.
Junxian Lee, co-founder of CashShield added, “We are definitely excited about Singapore’s progress towards a full integration of digital payments and with what we do at CashShield, we hope to empower more merchants to conquer their markets confidently without worrying about fraud.”
From the bigger picture, cyber security should not be seen as a set of limitation but rather an agent of growth for businesses.
Discover more about what we do at www.cashshield.com