Newbie’s Guide To Mobile Wallets In Singapore

Much like you, I constantly find myself in a sea of recommended YouTube videos. The other day, I chanced upon a GQ video, which highlighted an athlete’s collection of items that he cannot live without. He said that he cannot live without his phone. You see, his phone has a card casing. This phone casing stores his credit card and house keys. Gone are the days when you need to carry large wallets to stash all your valuables!

These days, everything you need can fit inside your pocket. Your mobile phone is a powerful device that can scan documents, track calories, book rides, and snap selfies. All you need to do is to instruct it. You may also download a mobile wallet.

When it comes to handling money matters, you can maximize your gadget by downloading a mobile payment app or a mobile wallet. Singapore’s unified QR code can accept payments from 27 digital methods such as GrabPay, AliPay, FavePay, Nets, PayLah! and Dash.

WHAT IS A MOBILE WALLET?

A mobile wallet is a virtual wallet that keeps payment information on your mobile device. It is a convenient and a cashless way to pay your bills. Whether you are paying for your lunch or splitting the bill with a friend, you can use your mobile wallet in Singapore and abroad. For instance, you may use UOB Mighty in Malaysia and Thailand. While, Alipay and WeChat Pay can be used globally.

WHERE CAN YOU USE THE MOBILE WALLETS?

#1: TO TRANSFER FUNDS INSTANTLY

Say that you went out for a quick grocery run with your friend. To split the bill, you may transfer money to his or her mobile number or NRIC/FIN that has been registered for DBS’ PayNow digital bank. You do not have to worry about getting the bank accounts right away!

#2: TO GIFT MONEY TO YOUR FRIENDS AND FAMILY

Did you just attend a virtual wedding thru Zoom? If you cannot figure out what to get for the couple, you can consider gifting a virtual red packet. Send money through your mobile wallet and the receipient will receive it immediately. It makes for an eco-friendly and a practical gift!

#3: TO RECEIVE CASHBACK AND REWARDS

If you frequently use your mobile wallet for purchasing your airline tickets or for cafe-hopping, you will most likely receive reward points or cashback benefits. You can save quite a lot of money by using the right mobile wallet.

#4: TO GET YOUR CRAVINGS SATISFIED

It is lunchtime and you have not cooked anything yet. Fortunately, there are several food apps that can deliver right in your doorstep. You do not have to endure long lines and to risk your health by going outside. Collect your food through the GrabFood app and pay it through GrabPay. GrabPay is rapidly adding and growing its network of partner merchants, as well as adding services like GrabFood and GrabDelivery.

#5: TO INSURE YOURSELF BEFORE YOU TRAVEL

Whether you are going of on a quick weekend retreat or a big adventure, buying travel insurance to cover unforeseen events can save you. You can purchase a travel insurance plan through the DBS PayLah! app just before your departure. It only takes a few minutes to complete.

#6: TO PAY BILLS

Several banking mobile payment apps allow you to pay your bills on time. Use your mobile wallet app to settle your phone bills, fitness club membership fees, insurance premiums, and more. You can do all these while you are outside or while you are inside your home.

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Having a mobile wallet is necessary and helpful given the current situation. Simply ensure that you secure all your details before you use it. Stay safe!

Sources: 1 & 2

 

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How To Secure Your Device When Shopping Online

In a recent survey, 1 in 4 Singaporeans have adopted mobile payment. In 2016 alone, over 30,000 retail points in Singapore enabled cashless payment. The most popular online wallets include DBS Paylah!, Apple Pay, and Android Pay.

You can only imagine how much growth the cashless payment received due to the Circuit Breaker period! People have been leaning towards this payment scheme due to the lack of face-to-face interaction that comes with it.

A mobile wallet stores payment information on your mobile device and lets you transact painlessly. It is fast and convenient. The downside? You are vulnerable to cyber hacking. On that note, here are several tips that you can use to secure your device while you shop.

#1: ENABLE THE TWO-FACTOR AUTHENTICATION

Two-factor authentication gives you an added layer of protection. Enabling this will let you control your purchases. You will be notified whenever your card or your online wallet is in use. You will get a message or an email asking for your verification code. This is something you have to put to pursue the online transaction. This will alert you in case fraudulent transactions are about to take place.

#2: BE VIGILANT AGAINST BOGUS SITES

Notice every little detail such as the web address. Cyber criminals use similar characters in the web address to virtually trick you into putting your bank details and other personal information. For instance, you may shop in amaz0n.com instead of amazon.com. Consider using tools such as Google Safe Browsing to check the current safety status of a website.

#3: PAY WITH CREDIT CARD

Credit cards are not tied to your savings account. Furthermore, it often offers fraud prevention and protection services compared to debit cards. If you use a debit card on purchases, the money will automatically be taken out from your savings account. Treat debit cards like cash. In contrast, credit cards enable you to have enough time to dispute fraudulent charges. Seek the help of the bank to investigate the incident. It is a good habit to regularly check your billing statement and your weekly transactions online.

#4: DO NOT SAVE YOUR CREDIT CARD INFORMATION

Some online retailers, like Lazada, offer the option of storing your credit card or debit card information after you have made a transaction. While it is convenient for you to do this, you must never put your personal information at risk. Major companies have suffered data breaches where consumers’ information have been stolen. Do not let this happen to you! Moreover, never provide your credit card or debit card details over an email or a phone call.

Protect yourself! Be vigilant and strategic whenever you purchase online.

Sources: 1 & 2

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Should You Buy Your Essentials Online Or In Store?

Welcome to the new normal! The Circuit Breaker period allowed us to stay at home out of necessity, while we anxiously spray disinfectant on every item around the house. WE all know that we have to follow the social distancing measures and to wait for the COVID-19 updates. However, it is hard to stay at home when you are running out of home essentials and grocery supplies. How do you shop for your essentials? Is it safer to buy online or in store?

GOING OUT TO SHOP IN STORE

Stepping outside to buy groceries and household supplies is the quickest and simplest way to restock. It is also accessible, whereby everything you need can be found in one place. The shopping mall can also provide you with different brands and packaging sizes. You can even return a damaged item on the spot.

Going outside to shop is no longer simple and safe as it used to be. Since most stores close earlier and some ceased their operations, you will have to time your shopping accordingly. You need to wear a mask and carry a disinfectant with you. Without the usual public transport measures, you will have to walk to the store or to avoid the peak hours. You will also have to line up for hours to fulfill your grocery journey.

Going outside also increases your chances of getting sick. You can contract the illness from surfaces, from crowded lines, or from the cash. This is according to the World Health Organization. Not to mention, the germ exposure that you can get from ATMs and banks. Remain safe wherever you are by practicing social distancing and by keeping your hands clean at all times.

The use of cash can be prevented by carrying your debit or credit card. You may also use cashless services such as Apple Wallet and PayPal. These methods are convenient and safe.

STAYING INDOORS TO SHOP

Shopping online has become more popular than ever. Getting deliveries right at your doorstep lets you skip the countless hours you spend in the store and the anxiety of getting infected. Most stores have strict disinfection practices, encourage no-contact deliveries, and accept contactless payments. It is easier to find specialty items online such as bubble milk-tea shops or freshly-baked goods.

The only downside is that you will have to visit several websites to look for everything you need. Stocks are limited too. You need to tick the item into the cart before you lose your chance. Most online stores have delivery delays due to the surge in demand. You have to be patient. Nonetheless, you can always order in advance.

FairPrice and Lazada Singapore are just a few of your online grocery options. These shops accept electronic payments and cash on delivery. After filling in the shop’s bank account details and amount, review your details and confirm. You will be spoiled with their item selections found online.

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For Singaporeans who only need a set meal without having to shop, food delivery apps can provide cravings for an entire family. This options offers all the advantages of shopping online, minus the long queue. There are upsides and setbacks to any way you choose to shop, and it is up to you to decide which best suits your lifestyle.

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Stop Buying These “Essentials”!

I have to be honest! Since the Circuit Breaker (CB) period started, I have been purchasing essentials (such as sanitary napkin and coffee) and non-essentials (such as make-up and jade roller) online. Online shopping prevents me from being exposed to the possible dangers of the coronavirus. However, I felt that its convenience can trap me.

I had to become more aware of my spending patterns. I gave myself a maximum limit of twice a month to purchase my needs and wants online. This way, I will be able to track my parcels and spending more efficiently.

Two nights ago, Lazada had a Flash Sale on Apple Airpods. I had been eyeing this product for a long time and have been waiting for the perfect occasion to splurge on it. Despite its 20% drop, I decided to seek the advice of my partner. His opinion is of utmost importance to me. Thankfully, his voice of reason prevented me from purchasing the device that I will likely get tired of after several months. He helped me save S$200 that night.

There are many ways to save money. You can reduce your online shopping tendencies, expand your businesses, or invest in stocks. Every little bit counts when you are trying to save money during the CB period. If you have not realized it yet, here are some “essential” things that you should stop buying.

#1: AIR FRESHENER PLUG-INS

Ahhh air fresheners! Air freshener plug-ins have been all the rage in the 1990s. Those pine-shaped air fresheners may be doing more harm than good. According to the environmental testing company called IndoorDoctor, many air fresheners contain a type of chemical known as phthalates as well as formaldehyde. Phthalates are known to interfere with the body’s production of testosterone and have been associated to reproductive abnormalities, says the nonprofit National Resources Defense Council.

For Singaporeans who have pets, the use of air fresheners may feel essential. You need to find an alternative to keep your household fresh. Try creating scented candles by using natural essential oils. Start with this tutorial.

#2: BOTTLED WATER

Singapore’s tap water is generally safe for drinking. On some instances, you may encounter a poor-tasting water due to the chlorination or discolored water. Chlorination is necessary to keep the water safe from pathogens (i.e., bacteria and viruses).

Not only does plastic bottled water add up to the plastic waste, but it also adds up to your costs. Save more by refilling your tumbler or jug from the tap. Ensure that you bring this tumbler or jug while you are out of the house too.

#3: PLASTIC UTENSILS

Yes! Disposable utensils enable you to lessen the time spent on dish washing. However, this cheap and convenient item may add pollution to our environment. Help the future generation by reducing the plastic waste.

Use metal utensils and straws wherever you go. There is a metal utensils and straws set in Lazada, which will cost you about S$7.99.

#4: DISCOUNTED ITEMS

Just because an item is on sale does not mean that you really need it. I know how attractive a Flash Sale can be. In fact, I saved a lot of money from buying my Christmas gifts through Flash Sales. However, problem may start when you purchase several on-sale items without planning to do so.

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If you do not need and want the item, skip it. Are you willing to pay for it in full price? If so, then it highlights your essential need for it. Keep these in mind!

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Pros And Cons Of Selling On Lazada And Shopee

One cannot deny how vital online marketplaces in today’s society. Among the top e-commerce marketplaces in Southeast Asia are Lazada and Shopee. Both of these can help budding sellers gain exposure for their products. In return, the wide array of available products allow these marketplaces to flourish.

As such, some Singaporeans who want to sell their own products wonder whether they should sell on Lazada or Shopee.

THE BRIGHT SIDE

HIGH TRAFFIC CHANNELS

It comes as no surprise that two of the most popular marketplaces have ever-growing scales of online presence. Both Shopee and Lazada have created images that people trust. The millions of audience they have collated help your online business to get noticed. You can never really get so much attention when you are starting out by yourself. So, it is good to have a little push.

SURPLUS OF NEW CONSUMERS

With different marketing strategies such as birthday discounts and holiday promos, Lazada and Shopee have a growing number of new customer each year. These new customers may not be searching for your store specifically. However, they may search for a product that you have listed before. Once you get noticed, you can transform the customer into a loyal buyer by providing excellent service and product satisfaction.

GOOD SHIPPING TERMS

The strong online presence of these top marketplaces are backed by powerful logistics. Both websites have reliable shipping terms, which include the return policy. But, I cannot deny that return policy on Shopee is simpler than Lazada. The former’s return process is simply fast, while the latter’s return process is more complicated.

FLEXIBILITY OF ACCOUNT CREATION

A seller has an opportunity to decide whether he or she wants to open a single account on Shopee or several staff accounts on Lazada. You may do both too. You see, Shopee works for a single seller. In contrast, Lazada allows you to build staff accounts. You can give each of your team member a specific account needed for each role.

THE DARK SIDE

PAYMENT FEE OF 1%

It is free to create a seller account on both Lazada and Shopee as there are no registration or annual fees. You can start selling right away! Isn’t that convenient? Freely boosting your online business does not entail that these marketplaces will not get their cuts. Other than an approximate of 1% payment fee, you get to keep the rest of your profits.

FOCUSING ON CUSTOMERS

Whether you like it or not, these marketplaces are customer-focused and not seller-focused. They improve the quality of experience of the customers to help your business grow and their websites as well. While they improve the customer satisfaction, they may restrict a lot of things on your end.

NO OUTSIDE THE BORDER TRANSACTIONS

Lazada and Shopee have international websites such as in our neighboring countries – Malaysia and Philippines. However, you may not be able to sell your brand outside Singapore. If you want to sell on Lazada Malaysia, you will need to incorporate a Malaysian business. That is the limitation.

VARIOUS TECHNICAL BOUNDS

Taking advantage of the prevalent mobile use and consumer behavior in Singapore, Shopee has launched as a mobile e-commerce marketplace here and all over Asia. On the other hand, Lazada is yet to perfect its seller app. It remains buggy and customers still prefer shopping on its desktop version. When comparing the two marketplaces, you will notice that Shopee is mobile-first and Lazada is desktop-first.

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The question remains: “Is it better to sell on Lazada or Shopee?” I say, do both to reap the benefits of their incredible online presence.

Sources: 1 & 2

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