RDP Hosts Undergraduates From The University of Santo Thomas, Philippines

As part of an educational visit in Singapore, 135 final year Information Technology students from the University of Santo Thomas came down to Red Dot Payment (RDP) on a warm April morning to learn about online payments and the role payment gateways play in e-commerce.

RDP was delighted to host the short educational tour. Our CMO, Gurmit Singh gave a short introduction of RDP and its payment solutions. The students were introduced to the world of digital payments and the related financial institutions in the online payments ecosystem. The interactive session demonstrated how a typical e-commerce transaction takes place, starting from a consumer keying his payment details into a computer to card issuer approval, and back.

The undergraduates learned about concepts and terms common in the financial industry – from One Time Password (OTP) and tokenisation and money laundering activities, to detecting fraudulent transactions and Know Your Customer (KYC) processes for onboarding merchants.

They were challenged to envision a future without cash and to understand the benefits of cashless payments. Asked to think about the “cost of cash” if they were to run a restaurant, the students had the opportunity to think about the security, convenience and trust aspects of maintaining physical cash. Last but not least, they were asked to think about changes taking place at home, how mobile payments would change the way people will pay and be paid in the not so distant future.

“I hope the students took away a few pointers on how the world of payments is changing, and how they are going be shaping the future of payments with the IT knowledge and skills. I wish them all the best,” concluded Gurmit after leading the presentation for our visitors.