Why is Singapore going cashless?

Background. The national campaign to minimise cash transactions was launched on 14 March 1985 to urge Singaporeans to carry out financial transactions electronically. The drive to bring Singapore closer to a cashless society was part of the government's plan to improve efficiency in processing payments.



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Singapore's adoption rate of cashless payments is the highest in Southeast Asia at 97 per cent, based on payment methods at Singapore retail points-of-sale in 2022, according to a 2023 survey published by German statistics company Statista.

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Cashless businesses face consumer boycotts as people claim it denies freedoms. Businesses that ask for cashless payments are facing backlash and boycotts from a section of the community that believes refusing to take cash is an infringement of their personal rights.

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Two-fifths of Americans used no cash in 2022 (Source: Pew Research) 11% of US adults have completely stopped using cash, up from 5% five years ago (Source: Gallup) The average number of cash payments fell from 26% in 2019 to 20% in 2021 (Source: Federal Reserve)

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