Like Hong Kong, Singapore is now encouraging its population to embrace mobile payments. The city state has plans to reduce cash withdrawals at ATMs and phase out paper checks by 2025. By comparison, most people in China have never used a paper check in their lives.
Singapore is embracing advanced technology to enhance its status as a regional financial hub and compete with other major cities. The overall aim, however, is not to be a cashless society, but simply to use less cash and more e-payments.