Singapore aims to reduce cash transactions, eliminate cheques amid e-payments push

SINGAPORE (June 21): Singapore is pushing ahead with the embracing of electronic payments, with plans in the pipeline to lower its dependency on cash as well as eliminate cheques.

“E-payments have significant advantages over cash and cheques. As a mode of payment, it is far more convenient and efficient,” says Minister for Education Ong Ye Kung, who is also on the board of the Monetary Authority of Singapore (MAS).

However, Ong stresses that the aim is not to be a cashless society, but to use less cash and more e-payments.

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