Commenting on the rise of contactless payment methods, SMU Assistant Professor of Finance (Education) Aurobindo Ghosh noted that cashless payment methods such as credit cards and e-wallets can be used to manage one’s finances because of electronic tracking. Asst Prof Ghosh, who is also programme director for the Citi-Foundation SMU Financial Literacy Program for Young Adults, felt it is perhaps not so much the payment method, but discipline and financial literacy that play a role in financial prudence. However, he acknowledged that the proliferation of different cashless payment models might influence young people’s spending habits and increase the risk of overspending.


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