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08-19-2016, 05:40 PM
Singapore wants to be Asia’s Sweden in push for cashless payment
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Singapore plans to reduce the role of cash and checks in its eco**my by encouraging banks to switch to digital payments, according to the head of the country’s central bank.
“For consumers, the use of cash for daily payments is high,” Ravi Me**n, managing director of the Monetary Authority of Singapore, said at a financial tech**logy conference on Friday. "For businesses, the use of checks is relatively high too.”
Me**n said cash in circulation in Singapore is the equivalent of 8.8 percent of gross domestic product, compared to just over 2 percent in Sweden.*
SEE ALSO: The wretched, endless cycle of bitcoin hacks (http://www.bloomberg.com/news/articles/2016-08-17/the-wretched-endless-cycle-of-bitcoin-hacks) Read more... (http://mashable.com/2016/08/19/singapore-cashless-payment/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)
More about Asia (http://mashable.com/category/asia/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Singapore (http://mashable.com/category/singapore/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Payments (http://mashable.com/category/payments/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Cashless (http://mashable.com/category/cashless/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), and Business (http://mashable.com/business/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)http://feeds.feedburner.com/~r/Mashable/~4/6EtkQO_6Oeg
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Singapore plans to reduce the role of cash and checks in its eco**my by encouraging banks to switch to digital payments, according to the head of the country’s central bank.
“For consumers, the use of cash for daily payments is high,” Ravi Me**n, managing director of the Monetary Authority of Singapore, said at a financial tech**logy conference on Friday. "For businesses, the use of checks is relatively high too.”
Me**n said cash in circulation in Singapore is the equivalent of 8.8 percent of gross domestic product, compared to just over 2 percent in Sweden.*
SEE ALSO: The wretched, endless cycle of bitcoin hacks (http://www.bloomberg.com/news/articles/2016-08-17/the-wretched-endless-cycle-of-bitcoin-hacks) Read more... (http://mashable.com/2016/08/19/singapore-cashless-payment/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)
More about Asia (http://mashable.com/category/asia/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Singapore (http://mashable.com/category/singapore/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Payments (http://mashable.com/category/payments/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Cashless (http://mashable.com/category/cashless/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), and Business (http://mashable.com/business/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)http://feeds.feedburner.com/~r/Mashable/~4/6EtkQO_6Oeg