Cashless transactions spike as Covid-19 forces public to adapt

The Covid-19 outbreak has drastically accelerated Singapore’s shift to a cashless world, with unprecedented growth in the number of e-payment transactions amid a sharp decrease in cash withdrawals and deposits.

Not only are more people buying necessities using grocery and food delivery apps and paying for them using cards, they are also paying for goods without using cash over the counter at supermarkets and eateries.

Singapore’s largest bank, DBS Bank, said yesterday that the volume of cashless transactions has nearly doubled in the first three months of this year compared with the same period last year.