I think smartcard is a good improvement in terms of technology, but we already have it. The new businesses generated with 7-Eleven etc and extra deposit on the card is GREED. Just look at the numbers, there are 6 million existing cards in circulation. Each has at least $2 deposit. If there is an average of just $3 balance on each card, we effectively gave the issuer for the use of the card. That's a confirmed $12 million interest free loan to the issuer, another $18 million revolving loan. And for those not comfortable with $3 or less on the smartcard, even more $$ loaned to the issuer. Which bank loans you $30 million at no interest??? With $5 deposit, that number will jump to $48 million loan and because you can pay for goods etc, it's easy to have $100 on the card... which will make that a $630 million interest free loan?!!! DBS should get into this business to offset dig themselves out of their current situation. Then sell some special editions that consumers will have to pay the deposit anyway, put will not be using those cards. That's a default fraudulent loan by the issuer unless you chose to use the limited edition cards!
On top of that they can sell one side of the card as Ad space and generate more revenue which they cannot do on legal tender. Who is auditing the 4 issuers? How do I know my private information is not sold to marketing companies that knows how often I travel by MRT/buses, determine if I own a car by my pay ERP and parking paid via the card, buy "AHEM" from 7-Elevens, pay for expensive coffee at starbucks because my boss is too cheap to buy his own? I really dun see the benefits to me as a consumer versus the benefits to the acquirers and issuers. WHY DO WE NEED A NEW SMART CARD?!!!