Banks say use of cheques has fallen 80%

Changing habits: People pass a bank in Singapore. Experts say specific uses for cheques still exist, especially for high-value transactions such as property or car payments. — Reuters

SINGAPORE: Writing cheques has become a thing of the past for most people in Singapore as the country increasingly adopts digital payment methods such as PayNow and mobile wallets.

The number of cheques denominated in Singapore dollars declined about 80%, from 61 million in 2016 to fewer than 14 million in 2023, noted the Monetary Authority of Singapore (MAS) in December.