Is Singapore becoming a cashless society?
Is Singapore becoming a cashless society? 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.
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.