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Miguel Cordon · · 1 min readReport: Singapore not aiming to be cashless amid rising e-payment adoption
“The Covid-19 pandemic has accelerated the adoption of e-payments but Singapore does not aim to be a cashless society,” The Straits Times reported citing Monetary Authority of Singapore (MAS) board member Ong Ye Kung.
Details:
- According to the MAS executive, it is still important for cash to be widely accepted in Singapore and for the country to continue having ATM and cash withdrawal points so less internet-savvy Singaporeans won’t be left behind.
- The update comes as fund transfer service PayNow reaches 4.9 million registrations while PayNow Corporate pulls in 240,000 registrations.
Context:
- With the surge in adoption, 80% of residents and businesses in Singapore are now on the PayNow network, said Ong.
- The total amount of money transacted through PayNow has also doubled to US$5 billion in December last year from its value a year ago.
Editing by Collin Furtado
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