Today, we have the big 3 payment giants, Alipay, Apple Pay and Amazon pay, all 3 of which are huge companies offering significant services that could change your way of life via E-payments. In the US, Amazon Pay, via its new service Amazon Prime (which has just reached Singapore (though to not as large a desired effect), allows one to click a button on their washing machine to order a new bottle of laundry detergent when, or even before, this has run out. And if Amazon is indeed prompt (again, in the US it really is), then you would get your detergent way before your next batch of work out clothes start to smell up your laundry area.

Apple has nailed the mobile reach, particularly via its AppStore, signifying the amount of Apple Iphone users throughout the world.

However, Apple Pay and Amazon Pay differ from Alipay in one important aspect: Apple and Amazon’s offerings are gateways to consumers existing credit cards, while Alipay is a proper, true and blue wallet in which users deposit money and maintain a balance. Basically this tells you that Apple and Amazon are leveraging off the current credit card system/facility, but Alipay could be seen as a means to replace that existing system.

Would the need to carry cold hard cash around eventually be deemed obsolete? This may be the case if adoption of these cashless payment systems is cheap. How would this be regulated to the extent that misuse, hacking, and fraud/identity theft occurs? Compliance requirements for these types of systems would be extremely stringent as it relates to the retail market, and combined with the current tightening of Data Protection laws across the globe, would require constant oversight and improvement.

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