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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance