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Is S'pore ready to go cashless with NIRP?

Advances in cashless payment technology here have expanded the space in which interest rates can be reduced without causing disruptions in consumer banking.

Nowadays, a NETS FlashPay card facilitates payment for goods and services with just a tap on a scanner instead of having to punch in a number.

ON MARCH 10, the European Central Bank (ECB) cut its interest rate further to -0.40 per cent. Earlier this year, on Jan 29, the Bank of Japan (BOJ) stunned markets with a surprise move to negative interest rates. So far, five central banks have adopted the negative interest rate policy (NIRP):

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