Singapore pledges to cut cash, checks on path to digital economy

A customer has a QR code scanned from a smart phone at a grocery store in Bangkok, Thailand, on Thursday, Sept. 28, 2017. Singapore and Thailand are in discussions about connecting their national digital payment systems to forge an unprecedented regional alliance, as officials step up efforts to curb the use of cash. Photographer: Amanda Mustard/Bloomberg

Singapore is accelerating the shift toward digital payments by pledging to eliminate check usage by 2025 and slash cash withdrawals from automated telling machines. 

Both payment methods are declining in popularity, Education Minister Ong Ye Kung, who sits on the Monetary Authority of Singapore board, said in a speech on Wednesday night. To promote electronic fund transfers, the government-endorsed payments platform, called PayNow, will be extended to companies starting Aug 13.