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Singapore aims to become a cashless society

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.20 Dec 2000

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.