Creating an inclusive cashless society

CONVINCING Singaporeans to embrace a cashless society is a crucial step for Singapore's ambition to be a smart nation.

The concept of a cashless society is not new. Back in 1961, aerospace engineer Simon Ramo gave a lecture that exhorted the benefits of going cashless. He could see how information could change the way people would live their lives and provide a better understanding of payment patterns and credit worthiness.

Dr Ramo was ahead of his time and his call was ridiculed by his peers. Financial institutions were unwilling to share information for various security and commercial reasons. Even today, decades later, there remain barriers to creating a truly cashless society globally and in Singapore.