Swap cash payments for greater convenience and more rewards
Can you go about your daily routine without cash in your pocket? Polytechnic student Louis Aquinas Tan tried doing just that, and he has quickly learnt to appreciate the convenience and flexibility his newly acquired debit card offers.
Mr Tan, who relies heavily on public transport, was impressed with the auto top-up function, known as EZ-Reload, in his PAssion POSB MasterCard Debit Card. EZ-Reload automatically tops up a user’s card when there is insufficient value.
“The EZ-Reload option helps a lot as I don’t have to worry about running out of cash when I use public transport,” said the 19-year-old.
“I don’t need to carry extra cash or an ATM card. I set the amount I wanted to top up and I was all set.”
INITIAL DOUBTS
Mr Tan usually withdraws cash weekly to cover his expenses. He seldom shops and cash is his main mode of payment. After all, it is accepted almost everywhere and is the only mode of payment at the places he ate at most often — food courts and hawker centres.
He was initially sceptical about using a debit card and making cashless transactions.
“I was concerned that I would have to pay expensive annual membership fees for a debit card but I discovered that membership fees for the PAssion POSB MasterCard Debit Card were waived for the first five years,” he said.
“I was also concerned about working within my monthly budget. If I had S$50 in my wallet and only made cash payments, I’d immediately know how much I had left for the week.”
A REWARDING EXPERIENCE
To understand how such payment methods could fit his lifestyle, Mr Tan decided to try making as many cashless payments as he could for a week.
One of the first things he learned was that his debit card allowed him to earn rewards points, which could help offset future purchases.
“I bought an item with the card from a pharmacy for S$7 and still earned rewards points even though it was a small purchase.
“I earned rewards points later when I bought sushi from a supermarket. So the same card helped me pay for my items and earn rewards points. It even helped me save money as I could use the points earned to offset purchases.”
He experienced some difficulties at the start of his cashless journey, although that was easily addressed.
Mr Tan had assumed that his card’s EZ-Link function had already been activated but this wasn’t so. Still, this proved to be a straightforward fix.
“I called the bank and the customer service officer taught me how to activate the card. He also explained that the NETS and EZ-link functions weren’t linked and highlighted a few ways I could activate that function, which I later did at an AXS machine.”
LOOKING FORWARD TO A CASHLESS FUTURE
After a week of trying to make cashless transactions his main mode of payment, Mr Tan has learnt to appreciate the convenience this method of payment offered. He was able to use one card to travel on public transport, make payments and even earn rewards points in some cases.
“I found it a convenient way to make purchases. I also learnt that not all places required a minimum spend to use a debit card.
“Perhaps most importantly, it offered me greater flexibility as I wasn’t limited to the amount of money I had in my wallet and I enjoyed the additional benefit of earning rewards points,” said Mr Tan.
While Mr Tan welcomed the flexibility the card offered, he was also aware that — for now at least — paying for all his purchases with a card is not possible.
There are some places, like coffee shops and hawker centres, where cash is still king.
“The cashless method of payment is definitely something I would consider switching to when it’s possible. For now, I will still need to use cash for places such as hawker centres, most of which only accept cash payments.
“Also, while I enjoyed using the card’s EZ-Link CEPAS/NETS FlashPay functionality to pay for my bus and train rides, the card doesn’t give me access to student fares,” said Mr Tan.
“Nevertheless, it’s still a good backup method of payment for me. I don’t have to carry a lot of cash as I can use the card as a debit card or make payments via NETS. My purchasing options aren’t limited and I can earn rewards points.”
This is the tenth story in a 15-part collaboration between TODAY and POSB. To read this story online, visit www.todayonline.com/posb.
