A new national standard has been launched to facilitate interoperable electronic payment in the Singapore, and spur the use of paperless payment.
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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.
