01-May-18, Techwire Asia
Singapore is doing away with cash, replacing it with QR-code based payments. To accelerate its cashless initiatives, Singapore is focusing on driving its efforts towards small merchants.
%20Techwire%20Asia.jpg "Singapore aims small to make it big in cashless drive (c) Techwire Asia")
Image: Shutterstock / Techwire Asia
Singapore’s focus on small merchants makes sense. Small and medium enterprises (SMEs) make up 99 percent of the businesses in Singapore. However, cash payments make up nearly 60 percent of transactions.
Especially amongst street vendors, food stalls, hawkers and market vendors, there is a limited acceptance of electronic payments.