Forum: Don’t ditch cash completely in the move to go digital
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I refer to the article, “ As cashless-only stores continue to pop up across Singapore, some teens and seniors feel left out
As a regular user of e-payment platforms, I appreciate the convenience and efficiency of digital payments. However, I am worried about the growing number of businesses adopting a “cashless-only” model.
Beyond concerns over exclusion as reported, this model exposes businesses and consumers to significant risks when systems fail, even as it streamlines business operations.
An example is the major DBS Bank outage in 2023
Despite this, businesses are still eliminating cash from their operations, often with no contingency plan in place. This is worrying as a sound business continuity plan should not be floored by a single point of failure.
Didn’t the Government urge businesses to prepare for scenarios involving digital disruptions and cyber attacks
If the message was to build resilience, why are businesses continuing to go fully cashless?
Businesses should consider a more balanced approach.
Accepting cash and cashless payments not only ensures resilience during outages, but also remains inclusive for those who still depend on cash payments.
The authorities should step in with legislation to ensure businesses continue accepting both payment options.
We should embrace digital payments, but not at the cost of preparedness or accessibility.
David Lim Yeow Chuan
