A new national standard has been launched to facilitate interoperable electronic payment in the Singapore, and spur the use of paperless payment.
Speaking at the launch of the Singapore Standard for Contactless e-Purse Application (SS 518 Cepas), Chan Yeng Kit, chief executive of the Infocomm Development Authority of Singapore (IDA), noted that next-generation e-payment is a component of the recently-launched 10-year infocomm roadmap, iN2015. Under the plan, he added, Singapore targets to double the transaction value of card-based payments, electronic money schemes and mobile payments to S$50 billion (US$31.3 billion) by 2010.
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