Posted on 07/30/2018 at 08:00
Wirecard, EZ-Link and Cheers partner to reduce the usage of loose change in Singapore
Solution advances Singapore Government’s push towards a cashless society
Wirecard, the global innovation leader for digital financial technology, today announces the expanded partnership with EZ-Link and Cheers to launch a new cashless solution in Singapore. Through this partnership, users are able to convert their loose change directly into stored value on EZ-Link cards and EZ-Charms – Singapore’s most widely used contactless solution for commute on buses and trains, as well as lifestyle purchases island-wide. This initiative was first announced earlier this year, in February, as part of a joint effort by EZ-Link and NTUC (National Trades Union Congress in Singapore) to encourage cashless transactions and reduce the usage of coins countrywide.
The cooperation supports Singapore’s nationwide e-payment drive in pushing users to go cashless, as the country continues to harness technology to bring greater convenience, speed and security to citizens. From shopping to payment in stores, the loose change top-up service offers an integrated and fuss-free e-payment experience.
When making purchases with cash at select Cheers outlets, consumers just need to inform the cashier to top-up their EZ-Link directly with the change they receive. This minimizes any inconvenience and time needed to count the coins. No transaction fees are required to use the service.
Nicholas Lee, CEO at EZ-Link, said: “EZ-Link continuously seeks partnerships to roll out new and innovative ways to promote e-payment adoption across Singapore. With Wirecard’s digital payment expertise, we are able to build an e-payment solution that not only reduces cash handling but allows our users to top up their EZ-Link at the same time.”
Mr Seah Kian Peng, CEO of NTUC FairPrice, added: “At NTUC FairPrice, we embrace innovation to provide greater value-added services to enhance the shopping experience for our customers. To complement the growing preference towards cashless transactions especially on public transport, our Cheers stores empower customers a convenient option through Wirecard’s cashless solutions. Customers can simply convert the change from their purchases to their EZ-Link card – this minimizes the need for unnecessary separate trips just to top-up their cards.”
Jeffry Ho, Regional Managing Director at Wirecard, said: “With both EZ-Link and Cheers being so deeply embedded in the lives of Singaporeans, we’re delighted to partner with them by improving the everyday experience of those they serve through offering new and innovative payment options. Being at the forefront of the digitization of payment processes, we’re constantly exploring new initiatives that support the national agenda to accelerate the promotion of a cashless lifestyle in Singapore.”Download Press Release