Last Sunday, Singapore Prime Minister Lee Hsien Loong discussed the state of e-payment adoption in his annual National Day Rally Speech.

Lee revealed that despite being a well-connected, digitally literate society, majority of transactions in the country still use cash and cheques. He said the reason for this is the lack of interoperability between systems; consumers feel encumbered with carrying multiple cards and costs discourage businesses to carry multiple readers.

Lee added that to help promote cashless payments, the Monetary Authority of Singapore has launched a single, unified POS terminal, as well as a peer-to-peer transfer service..  

Source: ZDNet

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