Is it a matter of time before our dollars turn digital, or is cash still king?
LONG gone are the days of coins and notes stuffed in pillowcases.
The inexorable march of progress has ushered in an era of digital currency. Trading dollars and cents for bits and bytes has brought fresh business opportunities to both banks and financial technology upstarts – alongside greater risks of coups such as 2016’s grand multi-million-dollar Bangladesh Bank heist. But it’s tough to boldly go into a brave new world when there’s nobody there yet. Singaporeans’ affection for cold, hard cash still remains – much to the dismay of many stakeholders, from mobile payment startup bosses to the country’s premier.
Cash or card. . . only
Digital payments in Asean should see double-digit growth rates between 2017 and 2021, according to business intelligence portal Statista, which pegged the value of such transactions in Singapore at US$21 billion by the end of that period. Statista defines digital payments as those made online or with smart devices at a physical cashier, rather than just flashing a card in stores.
