Detrimental to remove cash completely from payments ecosystem: Experts

SINGAPORE – Cash is still the go-to payment method for some groups of people despite the digital shift, and it might be detrimental to completely remove it from the payments ecosystem, experts told The Straits Times.

Assistant Professor of Finance Aurobindo Ghosh from Singapore Management University’s Lee Kong Chian School of Business said cash is still the main mode of payment for unbanked or under-banked groups who are often in the informal sectors of the economy and might not have access to cashless payment methods.

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