No Cash? No Problem!

Are we ready to ditch our paper currency and fully embrace the digital currency? How many digital wallets do you currently use? Do you seize the opportunity to use your digital wallet or sometimes pay cash even when there is an option to pay via a digital wallet? Are you disappointed that your favorite retailer does not accept digital currency?

Truth is, many of us have a digital wallet but we do not use it as regular due to circumstances. Some retailers may offer digital payments but your digital wallet is not supported. Even if it is supported, we sometimes forget since we are still not fully into that digital wallet phase in Singapore.

This diagram and many articles on the internet shows that we do not need to rely on paper currency.

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In today’s digital lifestyle, with a single mobile device, most if not all our shopping needs are taken care of via various payments methods whether it be online, in-app or physically at your retailer. Some of these payment methods allow splitting of bill with your friends, allow an individual to pay all sorts of utility bills and pay for public transportation. Transferring money to someone has never been easier with a few taps.

Existing applications in the market already allow trading, foreign currency exchange at better rates than your brick and mortar money changer, a wide range of financial services and if cash is really needed on hand, there are applications that offers withdrawal locally as well as overseas.

The above should cover most common modes of payments or transactions where cash can be replaced. It is also important to note that this individual does not have a bank account. Salary is deposited directly into a stored value facility (SVF) which is used on a daily basis. A SVF application typically allows digital cash management, full transparency of cash flow, savings management and a whole lot more.

No cash? No problem as long as you have money in your SVF or bank account. Digital currency is here to stay and we have not even dived into blockchain and crypto currencies. - @TotemX