No more cash - in Singapore

 

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Posted on 19 Dec 2000 at 17:01

Imagine a world without money - no more trying to find the exact change for a bus fare and no queuing at the cash machine.

Well for the Singaporean people, the idea of a cashless society is creeping ever closer. Their government has recently announced that measures will be introduced so that e-money will be acceptable tender by 2008, with all merchants legally required to accept electronic payment via electronic devices, such as mobile phones and hand-held computers.

Singapore is hoping to transform its economy into a hub for Asian-Pacific e-commerce and high-tech business. Officials are confident that the new system will be economically viable and actually reduce the high costs of handling cold, hard cash.

Low Siang Kok, currency director at the Board of Commisioners of Currency in Singapore highlighted the benefits of an electronic currency system, pointing to the safety aspects of carrying virtual cash. And if your kids need a bus fare, you can just send it to them by using your mobile phone.

Author: Darren Lock