Singapore plans to reduce the role of cash and checks in its economy 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 Menon, managing director of the Monetary Authority of Singapore, said at a financial technology conference on Friday. “For businesses, the use of checks is relatively high too.”
Menon 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.
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Singapore wants to be Asia’s Sweden in push for cashless payment
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