22-Jun-18, finews.asia
Governments across Asia are encouraging their populations into becoming cashless societies. But not everyone can cope.
E-payments are expanding across Asia at breakneck speed. Hong Kong, Singapore and predominantly China lead the way. Singapore’s education minister, Ong Ye Kung wants his country to use less cash.
%20finews_asia.jpg "Asia rushes to a cashless society (c) finews asia")
Image: finews.asia
In an address to the association of banks in Singapore Ong said more than eight in ten Singapore consumers have adopted e-payments, while nearly three in five merchants now accept e-payments.
Despite the headlong rush into dumping cash completely there is resistance. There are also concerns about the financial exclusion of certain sections of society, such as the elderly or lower-income citizens.