Why e-voucher scheme is a perfect gateway for Hong Kong to embrace digital payments
- Hong Kong can no longer sideline digital payments or its associated technology while the global payment landscape develops by leaps and bounds
- The mainland has been reimagining the concept of money for years, and it is time for us to join in
Some argue that doling out cash provides greater relief to hard-hit, low-income communities, but there is cultural idiosyncrasy at play: Chinese people tend to save, which means giving out cash might not produce the desired rise in consumption.
There is no point bickering about past policy. We should focus on how we can make the best use of the spending surge initiated by the voucher plan.
The e-voucher initiative is a perfect way for the Hong Kong government to transition to digital payments. Touted as “Asia’s world city”, Hong Kong can no longer sideline digital payments and its associated technology.
The government could begin by providing subsidies to marketplace vendors, taxi drivers and cafe owners to install QR code scanning machines.
Once the public further warms to the idea of a cashless system, that could inspire other payment platforms, to enable the proliferation of smart technologies. The expansion of the “internet of things” gives companies the chance to use a diverse ecosystem of internet-enabled devices.
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With data breaches occurring on a regular basis, some people will always be sceptical of the technology’s security. On one hand, people prefer the convenience of not carrying cash and the seamless exchange of funds. On the other, the automatic nature of transfers can cause them to feel they are no longer in control of the process.
As such, technological advancement itself will not necessarily lead to public acceptance. Digital payments’ convenience will only be widely accepted with a combination of directness, efficiency and security. Mainland China reimagined the concept of money many years ago. It’s time we joined in.
Adam Au is the head of legal at a Hong Kong-based health care group