Singapore is a cashless society

Wirecard, EZ-Link and Cheers cooperate to reduce cash in Singapore

Posted on 07/30/2018 at 08:00

The solution is propelling Singapore towards a cashless society

Wirecard, the global innovation leader in digital financial technology, today announced the expanded partnership with EZ-Link and Cheers. As part of this cooperation, a new cashless solution will be introduced in Singapore, with which users can convert their change directly into credit on EZ-Link cards - Singapore's most widely used contactless cards, which are widely used nationwide for public transport and everyday purchases. This initiative was first announced in February this year as part of a joint effort by EZ-Link and NTUC (National Trades Union Congress in Singapore) to promote cashless transactions and reduce the use of coins across the country.

The cooperation supports Singapore's nationwide e-payment initiative to use new technologies to offer citizens more convenience, speed and security when paying. From shopping to paying in stores - with the new change top-up service, consumers and retailers can benefit from an integrated and uncomplicated e-payment experience.

When making purchases with cash in selected Cheers stores, customers only need to inform the cashier to top up their EZ-Link cards directly with the change. This minimizes the time required in the purchasing process considerably. There are no transaction fees for using the service.

Nicholas Lee, CEO of EZ-Link, said, “EZ-Link is constantly seeking partnerships to find new and innovative ways to promote the adoption of e-payment across Singapore. With Wirecard's digital payment expertise, we are able to develop an e-payment solution that not only reduces cash handling, but also enables our users to top up their EZ-Link accounts at the same time. "

Seah Kian Peng, CEO of NTUC FairPrice, adds: “At NTUC FairPrice we focus on innovation in order to offer our customers more added value and thus improve the shopping experience. In order to complement the growing preference for cashless transactions, especially in local public transport, our Cheers stores with the cashless solutions from Wirecard offer their customers a convenient way of doing this. The customer can simply load the change from their purchase onto their EZ-Link card - this also minimizes the effort of having to reload the cards at another location. "

Jeffry Ho, Regional Managing Director at Wirecard, says: “Both EZ-Link and Cheers are part of everyday life for residents in Singapore - so we are looking forward to working together to further improve the daily experience with new, innovative payment options. As a pioneer in the digitization of payment processes, we are constantly exploring new initiatives that advance the national agenda for promoting a cashless life in Singapore. "

Download press release