The costs of going cashless

LAST week, the government said it is targeting Singapore to be cheque-free by 2025 as part of the country's cashless push. It also said that from August onwards, companies and government agencies will be able to use PayNow.

PayNow, which has nine participating banks, was launched last year. It lets users send payments via their mobile phones without requiring bank account details. It has around 1.4 million registrations, and nearly S$900 million has been transferred via the service.

PayNow Corporate will have seven participating banks: Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.