For Singapore, going cashless is a lot easier than other countries. For instance, most Singaporeans are banked. Based on a World Bank Global Findex survey, 96 per cent of Singapore residents above the age of 15 have bank accounts.
This means that we have the basic tools in place for cashless transactions.
Factor into this platforms such as ATM/credit/debit cards, PayNow, ez-link, GrabPay and various other mobile wallets, and Singapore easily has the means to become fully cashless. It is now a matter of cultivating habits and getting people used to making cashless transactions anywhere and everywhere - even at, say, hawker centres.
Singaporeans already have faith in technology. In a recent HSBC research report, 73 per cent of Singaporeans surveyed said that they think that technology makes their life easier. So now it is a matter of putting technology into play in order to improve and simplify daily routines.
For that to happen, cashless platforms must go commercial. PayNow Corporate is a big step in the right direction.