Singapore aims for cashless society

Singapore plans to reduce the role of cash and checks by encouraging banks to switch to digital payments, according to the Monetary Authority of Singapore’s (MAS) Ravi Menon. “Menon said the MAS is asking the country’s banks to pass on to their customers the full cost of paper-intensive services,” Bloomberg reports. “The MAS also wants to see a majority of those transactions made using cellphones, or national ID or other secure numbers, rather than bank account numbers.”

  • Willam Hugh Murray, CISSP

    US Banks charge a premium for electronic transactions in spite of the fact,that they are cheaper to process. My bank charges me more to process a wire transfer than a paper check.

  • Willam Hugh Murray, CISSP

    Denmark has been paperless for a generation.