Acceptance of cash cards by consumers and retailers of Singapore.

Abstract

This project focuses on the application of smart card as a cash card, and its success in replacing existing modes of payment such as NETS, cash and credit cards in certain transactions. This research will enable card issuers to identify and address any important factor to ensure the success of cash card implementation in Singapore. Using a descriptive research approach to both Singapore consumer and retailer populations, the project defined and measured the critical success factors (CSFs) of their cash card acceptance, including speed, reliability, security, convenience, and privacy of cash card transactions. Separate questionnaires for each population were designed and the respondents' attitudes towards various criteria measured by the LIKERT method, thus allowing an expression of intensity of feeling. Data analysis were conducted to determine the characteristics of the consumer and retailer groups. The project also discusses assumptions made about the respondents' understanding of cash cards, and the difficulty of finding a comprehensive sample. In addition, issues like consumers' concern about their privacy, the inadequacy of legal provisions, and international industry standards were highlighted. Finally, the directions for future research were recommended in view of the emerging trends of the universal smart card.