The rapid development of the economy and the competition among the three major mobile operators in Singapore prompted the penetration rate of mobile phones in Singapore to reach 141.4% in September 2010. It is expected that Singapore’s “Singapore mentality”, which incorporates government, business and population sharing, coupled with the high penetration rate of mobile phones, will make the widespread use of mobile payments a reality. However, our analysis shows that the actual implementation of the progress is much slower than the original idea.
Scanner Users Of QR Code Payment In The World is First, the government is the main driver behind mobile payments. Second, mobile payments will bring a clear platform. If the Singapore mobile payment market is saturated, the technology will be based on NFC. NFC is already established in Singapore, and many mobile payment tests are based on NFC. For example, M1 (one of Singapore’s top telecoms companies) has partnered with Citibank and Visa to launch a mobile payment test using NFC. While SMS is another way to achieve mobile payments, there is no attention in Singapore. Finally, the value proposition of Singapore Mobile is very “magnificent” to guide users away from cash, bank cards or credit cards, as these three have been perfected and are unlikely to be replaced by new media.
Singapore’s unique mobile payment service provider is the Information and Communications Development Authority (IDA). The purpose of the Authority is to develop Singapore’s information and communication ecosystem by attracting foreign multinational corporations and promoting innovation and services. To help create a mobile payment ecosystem, IDA issued a collaborative call in November 2010 to create an interoperable NFC environment throughout the country in 2012. Interoperability will be the key to the success of mobile payments with our handheld barcode scanner, which requires the cooperation of network operators, banks and other intermediaries. In addition, the Singapore government to actively promote the lives of citizens more easily, mobile payment combined with a variety of other forms of payment, is conducive to the convenience of citizens living.
Mobile payment is a new application that provides banks, mobile network operators and retailers with the use of emerging mobile phone technology and a new way of providing consumers with a differentiated payment from their competitors. The popularity of bank accounts and credit cards, the value added of online banking, and the success of online payments (such as PayPal) seem to have contributed to the natural evolution of mobile payments as a viable alternative payment
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