More cash, not less digital – expanded cash access does not signal retreat from Singapore’s payments push
Observers note that cash still has a role in building consumer confidence amid scams and fraud
[SINGAPORE] The Republic’s move to expand cash access does not signal a retreat from becoming a cash-light society, observers said, but reflects a growing recognition that financial inclusion remains essential as the country upgrades its payments infrastructure.
Physical cash still has a role in giving consumers confidence amid the rise of scams and fraud, even as digital payments become increasingly dominant, they added.
On Thursday (Jun 26), DBS, OCBC, UOB and Nets said they will ensure that ATMs, branches and cashpoints are within 500 m of every Housing & Development Board block by 2027, as part of other moves to better serve the banking needs of seniors.
