31 Aug '17, 1am

Little scannable squares are a big threat to Singapore banks

When is something money and not just a cowrie shell? When you can pay taxes with it. Or that's the argument of chartalists , the folks who see the state's hand behind the origins of all manner of money. So don't be surprised if in a couple of years, the tax authorities in Singapore send a QR code with their annual bill. Scan this modern-day cowrie shell, and you'll get a thank-you SMS for contributing to nation-building. The city-state's enthusiasm for the mobile-readable quick response code can be gauged from a task force set up this week by the central bank's payments council. The goal is to have the specifications for a common QR code for Singapore ready by the end of 2017. Interestingly, all three local banks -- DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. -- are part of this group, as is FOMO Pay, a startup that helps merchants ...

Full article: https://www.bloomberg.com/news/articles/2017-08-30/creati...

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