Singapore has embraced electronic money and intends to become
the first cashless society in the world. The Board of Commissioners
of Currency Singapore (BCCS) that controls currency issues has said
that the timing will in part depend on public acceptance, but it is
aiming to give e-money and cash equal status by 2008 with the
eventual phasing out of notes and coins.
The proposal would exploit smart chips in mobile phones and
personal digital assistants (PDAs), although the system will not
affect the use of credit and debit cards.
One of the motivations for the move to e-money is to boost the
island’s economy by reducing the costs of handling cash, although
the government has not yet determined the cost of the
proposals.
