Contactless Payment Service Available at Singapore’s Changi Airport
Changi Airport Group (CAG) and a Chinese multipurpose mobile app giant announced a three-year marketing partnership.
The multipurpose app provides social media and payment services. The partnership aims to improve customer shopping experience by providing convenience and exclusive deals for the Chinese app users at Changi Airport’s retailers. All merchants at Changi Airport will offer the alternative payment by the end of 2018. Singapore is the first country in Southeast Asia to provide such a service.
The Chatter About Cashless Payments
Contactless sale in Singapore is no new fad. The quiet revolution began in 2001 when public transport fares were mandatorily transacted using stored-value cards, or EZ-link cards. Thus, for many, cashless payment has been normalised.
Seventeen years on, the Singapore government believes its citizens are ready to make the transition to a cashless society. Indicators which inspire confidence are the strong mobile readiness, and the popularity of credit and debit card payment methods among Singaporeans.
Electronic payments are expected to lower transaction costs, boost business competitiveness and raise consumption levels. All-in-all, cashless payment solutions are the way forward for economic growth in a time of technological disruption.
While there may be no question that Singaporeans might be ready to skip the cash for a swipe and tap, how sure is the government that tourists will follow suit? Globally, the transaction value of contactless payment is projected to reach USD 2.23 trillion by 2025 (Source: Grand View Research). China alone appears to be the forerunner in the market. Supporting hardware and software are not scarce as tech companies are developing unique payment solutions for the Chinese market. It appears that everyone is gearing up for a cashless world.
Everyone’s a Winner
China boasts the largest mobile payment market in the world. This is made possible with the popularity of mobile apps which make use of near-field communication technology.
More than a billion Chinese nationals own the multipurpose app. Combined with the sizeable number of Chinese tourists arrivals in Singapore, the payment solution offered by the multipurpose app is attractive for both merchants and travellers. In a press release, CAG reports that Chinese tourists accounted for a third of its sales in 2017. The marketing partnership is set to improve sales revenue in the long run.
CAG is optimistic that the technology offered by the multipurpose app will improve the overall retail and dining experience. For starters, tourists will not inhibited by any language barrier when making purchases.
Furthermore, the hassle of figuring out a new currency and currency conversion will be obliterated through the use of the app. To make the deal even sweeter, the app users will be able to enjoy discounts when shopping at physical stores in the Airport as well as through its online store iShopChangi.
CAG General Manager for Advertising, Marketing ad Promotion, Mr. Edwin Lim, said he hopes the latest payment solution will provide an unparalleled experience. He is confident that the targeted messaging through the app will improve patronage at the 150 stores across the four terminals. More can be expected of the partnership as CAG seeks to customise services for the app’s users.
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