How to replace cheque payments

How to replace cheque payments

78 million cheques are cleared through the banking system in Singapore a year. This works out to an average of 18 cheques per person. This number must be higher than most other countries in the world. With the availability of electronic payments, there is no need for so many cheques to be used. It is time consuming and costly, considering the time spent to write and mail the cheque, for the receiving party to receive and bank in the cheque, and for the bank to enter the transactions for clearing. While there are several ways to make electronic payments, e.g. GIRO, internet banking, AXS and SAM, these channels are used mainly for regular payments to large organizations. They are not suitable for once-off payments to small businesses, which now use cheques to make and receive most of their payments. I suggest that our banks in Singapore make the following changes to allow mo...

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