Digital vs cheque payments: SMEs want it both ways

Singapore

CONSUMERS are largely on board the digital payments train but businesses, particularly business-centric small and medium enterprises (SMEs), seem to need a bigger push to go entirely cashless or cheque-free.

Figures from the Monetary Authority of Singapore (MAS) show that 110,956 organisations had signed up for PayNow Corporate - one of the digital payment options available to businesses - as of June 30 this year.

This suggests that only about 30,000 more businesses have signed up for the service since February, when there we…