SINGAPORE — A long-awaited date with her national serviceman boyfriend for Ms Nazrana Shaheen ended up being cut short, no thanks to a
Despite the risk of disruptions in e-payment systems, some businesses maintain that the benefits of going cashless far outweigh the cons While Ms Nazrana had just enough to foot the bill using the limited funds in her emergency Oversea-Chinese Banking Corporation bank account, the experience has taught her to always carry some cash on her person as a contingency.
The outage follows two DBS online banking and payment services disruptions earlier this year, after which the Monetary Authority of Singapore imposed an To prevent this from happening again, “a rethink and redesign of the internal banking information system architecture” may be needed. To ensure business continuity in the immediate period of a service disruption, fail-safe measures are needed, they added.
“We requested them to leave us a direct message on Instagram, including a photo of their items and the total price. Our part-timer also recorded down all the Instagram handles who owed us the payment as it would be easier for us to keep track and tally the sales,” she said. In the long term, Ms Lim from the Fair Tech Institute said that building resilience for business in a digital landscape involves adding a “buffer” through offering multiple methods of payments to customers.
“Our transaction data and payment numbers can be reconciled more accurately, which our accountants love. And with that we get more up-to-date data on finances and cash flow of the business,” he said. For shops like Solace Studios, an unmanned self-photo studio in Haji Lane, founder Keith Kok said that around 70 per cent of sales are made from cashless options such as credit and debit card payments and digital wallets like Apple Pay, though their photo-taking machines also accept cash.