A CHALLENGE FOR SINGAPORE
During his National Day Speech on August 20, 2017, Singapore Prime Minister Lee Hsien Loong called upon the government, retailers, and citizens of Singapore to move to a Smart Nation and a cashless economy as soon as possible.
By deploying Bucket, Singapore can realize its vision of being a Smart Nation, and continue its dominance as a pioneer in the FinTech world.
Coins typically only last 20 – 25 years and then have to be replaced. In Singapore, and other countries, this means mining even more metals: copper, nickel, steel and brass from the earth and furthering the cycle of waste and pollution. In fact, if all the Singapore coins in circulation were stacked one on top of each other, they would be 710 times higher than Mount Everest!
THE SOLUTION – BUCKET
As available technology and the innovative spirit has taken hold of Singapore, PM Lee’s call to deliver on the goal of a Smart Nation and a cashless economy is within reach. PM Lee was right in saying that the rate of 60% cash transactions must plummet for Singapore to continue as a leader of the Asian Pacific region. Bucket Technologies is primed to be a part of this new age. With the help of the Monetary Authority of Singapore and the newly comprised Payments Council, integrating Bucket across existing POS systems would address the critical issue of digitizing all coin currency. Until we reach the stage of implementing a Unified POS system across Singapore realizing a fully cashless society, Bucket’s sole purpose is to address of one of the fundamental issues with each cash transaction: coin currency.
By using Bucket, consumers can digitally deposit the coin value of their change into a secure account, every time they pay with cash. They will enjoy faster transaction times, more spending power, and cease their contribution to the waste that coins produce. Bucket will launch in Our Tampines Hub (OTH) in Summer 2018. We are excited to partner with OTH and integrate with retailers across this innovative community to provide customers a better way to save their coin change.
HOW IT WORKS
1. MAKE YOUR CASH PURCHASE
Spend cash as you normally would. Ask to “Bucket the change.” You will receive any paper bills owed to you and your Bucket receipt.
2. USE YOUR RECEIPT
Scan or enter in the information from your Bucket receipt to deposit your change whenever you’d like. The deposited money and balance will automatically be reflected in your secure Bucket account.
Once your Bucket account reaches $50, you can cash out! GIRO’d directly into your bank account, or donate all or a portion of it to a charity.
SIGN ME UP FOR WHAT?
We are now preparing for launch and are enrolling merchants and retailers to be the first ones to implement the Bucket platform in Singapore.
If you own a retail business and are interested in not handling coins in your business anymore, click “Sign Me Up” so that we can contact you!