22-08-16: Push for cashless pay in Singapore

By Anya Palm

A new council in Singapore will be set up to ensure smoother payment methods for consumers.

According to the Monetary Authority of Singapore (MAS) the Payment Council will be tasked with reducing the daily amount of cash flow by encouraging financial institutions to use digital payments instead.

The island state already is a financial hub and with the new push for making transfers effortless for users, the vision is to make Singapore an “electronic-payment society,” the managing director of MAS, Mr. Ravi Menon, said on Friday.