With $2 billion as costs incurred by Singapore to manage its cash and cheque-based payments, cashless is the way to go. However interoperability and merchant fees are among key areas that need to be addressed for Singapore's cashless drive.
Even DBS' PayLah though free, won't work for merchants in its current form as it is primarily a P2P payment mode where transactions go through personal account rather than corporate account.
Even DBS' PayLah though free, won't work for merchants in its current form as it is primarily a P2P payment mode where transactions go through personal account rather than corporate account.
Check this article on the challenges SMEs in Singapore face in going cashless: http://www.straitstimes.com/business/banking/challenges-smes-face-in-going-cashless
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