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The article was first published in The Business Times on 2 July 2018.
Using less cashTHIS WEEK’S TOPIC: What needs to be in place to further reduce the use of cash and cheques in Singapore? How far should society go cashless?Source: The Business TimesDate: 2 July 2018
Tan Chong Huat
RHTLaw Taylor Wessing LLP
WE should intensify efforts in certain strategic areas and areas requiring long lead-times. Besides the government, banks could be the major driver by providing SME and individual customers with safe and effective e-payment solutions. We should review our current legislation, eg property conveyancing rules enshrine the use of cheques. Singapore should continue to embrace innovation, eg central-bank digital currency which may one day become a viable cash substitute.
Cashlessness should be an aspiration, but cash is deeply rooted and remains essential to small segments of our society without access to mobile, Internet and e-payments. Consumer attitude, behaviours and habits are also hard to change. Until then, cash usage should remain an option in an inclusive society.