04 Sep '17, 9pm

For All Its Tech Savvy, Singapore Still Prefers Cash Over Digital Payments

Start your day with what's moving markets in Asia. Sign up here to receive our newsletter. In tech-savvy Singapore, where almost everyone has a smartphone, nine out of 10 people still prefer to pay for everyday transactions the old-fashioned way – with cash. Like Theresa Loh, a 27-year-old sales clerk. She queues up with thousands of Singaporeans everyday at sprawling food courts across the city state that serve up cheap local delicacies like chicken rice and spicy noodle soup. And like thousands of lunchgoers, she pays in cash. Typically, food stall owners don’t accept anything else, but it’s also Loh’s preferred mode of payment. She says it’s more convenient than swiping her bank card. Digital devices are often restricted to specific providers and “in cases when you can use them, machines sometimes break down or cannot process a payment, so it’s just easier to stick to c...

Full article: https://www.bloomberg.com/news/articles/2017-09-04/for-al...

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