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Singapore can use less cash and be cheque-free by 2025: Ong Ye Kung

E-payments via Fast, card transactions growing by over S$10 billion every year while ATM withdrawals falling S$300m each year

Published Wed, Jun 20, 2018 · 09:50 PM

Monetary Authority of Singapore

Singapore

E-PAYMENTS are catching on and the government hopes to further reduce the use of cash and make Singapore cheque-free by 2025.

It is also beefing up consumer protection against e-payment risks, said Minister for Education Ong Ye Kung at the 45th annual dinner of the Association of Banks in Singapore (ABS) on Wednesday.

The minister, who is a member of the Monetary Authority of Singapore (MAS) board, noted that the take-up rate of e-payments has been promising. "Consumers are increasingly favouring e-payments."

For instance, PayNow, through which one can send payments to individuals…