Tuesday, March 28, 2017

Cheques are not used in Spain

At an insurance conference in Manila, I met someone who came from Spain and had worked in the Philippines for eight years. He told me that when he was in Spain, he did not use any cheque. All payments are made digitally by transfer from his bank account. Money paid to him are credited directly into his bank account.

He was surprised, when he came to the Philippines, to see so many payments made by cheques. He said that it is so costly and time consuming to be using cheques.

I told him that there is also a high use of cheques in Singapore for payments to and between companies. It is so backward and inefficient.

Are we really a smart city? I wonder why we are spending so many hundreds of millions in technology when the simple actions like payments are still done with manual cheques.

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