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Contactless payments: The way forward?
Proceedings report from The Asian Banker’s Singapore Retail Payments and Technology Dialogue 2013, on MAS’ cautious stance towards experimental payments technologies.

Sep 09, 2013 | Research

The Monetary Authority of Singapore (MAS) is cautious and hesitant to allow banks to use experimental technologies that have not proven themselves to be stable and safe, such as the cloud platform. The regulator is firm on ensuring that banks protect their clients by following strict regulations. They must first acquire necessary approval before experimenting with new products and technologies. However, MAS supports the development of enhanced and sophisticated security measures, which serve to protect the interest of bank customers.

Although the regulator does not see much hope in the usage of contactless payments, thought leaders, bankers and other important organisations within Singapore see the technology becoming more widely used in the near future. References were pointed to Sweden in which contactless payments have become the norm, and how technology is evolving so quickly that it will naturally become normal to use one’s phone for payments.

 

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Categories: Channels, Innovation, Mobile Banking, Payments, Regulation, Retail Banking, Risk and Regulation, Singapore, Technology & Operations
Keywords: MAS, Big Data, Cloud, Google Wallet, NFC Payments, IDA, NETS
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