EPFMK: Credit, debit or crypto? A visit to Singapore's first cashless cafe Read more at https://www.thestar.com.my/tech/tech-news/2018/02/03/credit-debit-or-crypto-a-visit-to-singapores-first-cashless-

SINGAPORE: At first, stepping into Ducatus Cafe in the heart of Singapore’s bustling financial metropolis is like stepping into any other establishment.

That is, until you realise that there are no cash tills to be found.

There is no constant ka-ching of the cash register, nor the familiar clatter of coins on the countertop. Instead, they’ve all been replaced with glowing touchscreen interfaces.

Welcome to the first cashless cafe in Singapore. Credit and debit cards are welcome, and even cryptocurrencies, but kindly leave the cash at home.

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It all sounds slightly bewildering, but chief executive of parent company Ducatus Global, Ronny Tome, says that going cashless is a natural step in Singapore’s financial evolution, given its high level of digital literacy, broad credit card usage and sophisticated banking infrastructure.

It also means less of the costs associated with handling cash, including the time taken to count it and bank it in, or the risk of it being pilfered.

It’s no surprise then, that the cafe has embraced cryptocurrencies like bitcoin, even offering patrons the option to purchase some of the firm’s pre-mined 7.8 million Ducatus coins, which can be later used for payment.

In fact, Rome says that accepting digital currencies was a deliberate attempt to disrupt the widespread practice of hoarding cryptocurrencies in fervent hopes of its appreciating value.

“That wasn’t the intention of the creators of bitcoin,” he says.

He asserts that the invention of cryptocurrency was meant to give people the power to control their money and transact securely without third party mediation, instead of as a crypto-asset for speculative investment.

It is easy to forget this amid the frenzied speculation surrounding bitcoin in the last few months, when prices for one bitcoin skyrocketed from US$998 (RM3,878.70) in January to a staggering US$19,343 (RM75,185.41) by December, according to Coindesk.

Rome hopes that placing cryptocurrency payments in the most prosaic of settings – buying a coffee in a brick-and-mortar store – will allow it to transcend the barrier from abstract virtual unit to observable practical reality.

“It’s the challenge of getting people to open their minds a little bit and accept the fact that in this fast-changing the world, the way we transact in the future has to change,” he says.

The process is surprisingly simple. Patrons need only download a Ducatus Wallet app on their mobile phones and head over to the cafe counter to purchase Ducatus coins, which are currently trading at S$0.13 (RM0.39) each.

The coins are then credited into their e-wallets, which can then be used for purchases.

The cafe even comes equipped with a bitcoin-dispensing ATM, for those who find their e-wallets running low.

These features aren’t merely a self-indulgent exercise in showing off newfangled technology. Rome says they’re crucial if cryptocurrencies are going to last.

“For us, usability is the key to survival. If a currency doesn’t have a reason to exist and if the speculation comes to an end and you can’t use it, then what is it worth?” — dpa