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30 Dec 2019  (891 Views) 
Monetary Auth of Singapore

Risk and cost of using currency notes

My friend said.

Why are Singaporeans so slow in accepting electronic payment?

Do they realize that currency notes can be easily faked? What would happen if some crooks flood the market with fake Singapore dollar notes?

When you accept a US dollar note, do you realize that it may be faked? With so much US notes floating around, there is a high chance that you may be receiving faked notes.

Apart from fake notes, the handling of currency notes is also inefficient and costly. Merchants have to count the notes and give change. When they bank in their notes, they also have to count. The bank also has to count.

Apart from China, India is also moving to e-payment in a big way. And very fast also.

Will Singapore prove to be among the last countries in the world to move to e-payment?

Wow! This is serious.

Tan Kin Lian

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