Why It Matters

Go cheque-free in Singapore? It's possible

The use of cash and cheques has been coming down steadily in recent years, said Minister for Education and Monetary Authority of Singapore board member Ong Ye Kung.PHOTO: ST FILE

Aiming to be cheque-free by 2025 could be a tough proposition for older Singaporeans who are used to writing out their payments, but it is far from impossible. Sweden is one country that has become cheque-free, so it can be done as more and more of us embrace e-payments.

Monetary Authority of Singapore board member Ong Ye Kung noted last Wednesday that the share of cheques as a proportion of all payments using Fast (Fast and Secure Transfers), Giro and cheques was about 28 per cent last year, down from 37 per cent in 2015.

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A version of this article appeared in the print edition of The Straits Times on June 25, 2018, with the headline 'Go cheque-free? It's possible'. Subscribe