One key reason why Singapore prefer to use cash is that it is free to withdraw cash from ATM and to deposit cash in the banks. However, cash payment is inefficient and takes a lot of time of staff.
I asked this question in The Wisdom of the Crowd - Should banks impose a charge for cash withdrawals at ATMs?
91% of those who voted prefer to keep the current arrangement and continue to withdraw cash for free. Only 9% are willing to pay a fee for cash withdrawal in return for a higher interest rate on savings or a lowering of the charge for card payment.
You can view the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=418
I asked this question in The Wisdom of the Crowd - Should banks impose a charge for cash withdrawals at ATMs?
91% of those who voted prefer to keep the current arrangement and continue to withdraw cash for free. Only 9% are willing to pay a fee for cash withdrawal in return for a higher interest rate on savings or a lowering of the charge for card payment.
You can view the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=418
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