6 benefits of going cashless

If you’ve only got a minute:

• Going cashless offers the convenience of seamless, quick transactions through digital payment options like PayNow and DBS PayLah!
• Cashless payments make it easier to track spending and manage finances.
• Explore DBS Remit to enhance your cashless experience.

When you think of going “cashless”, credit cards may be the first thing that comes to mind.

This isn’t surprising – after all, the concept of using cards instead of cash originated in 1950 when businessman Frank McNamara dined at a restaurant and, realising he had forgotten his wallet, signed an agreement to repay the bill the next day. This led to the creation of the first Diner’s Club multipurpose charge card, initially made from cardboard.

Today, credit cards are just one of many cashless payment methods available. Alternative cashless payment methods, such as PayNow and QR code payments through mobile wallets like DBS PayLah!, have also gained popularity in recent years.

The transition towards a cashless society was accelerated during the Covid-19 pandemic, when going cashless was encouraged to minimise physical contact and to reduce the spread of germs.

Today, going out without a wallet is no longer a concern for payments due to the widespread adoption of digital payment methods like mobile wallets, contactless cards and payment apps. Yet, many of us still have reservations about going cashless.

Here are 6 reasons why going cashless can benefit you.

Security

With the availability of digital payment options, you no longer need to carry large amounts of cash, greatly reducing chances of being targeted by robbers or pickpockets. While it is relatively safe in Singapore, losing our wallet may also be caused by our own carelessness. To reduce the probability of this happening, going cashless is great since we all know losing our wallet can be a hassle.

Convenience

While it is often said that “Singaporeans love to queue lah”, who wouldn’t prefer to save time instead of waiting in line, especially when it comes to cash withdrawals at bank ATMs and branches?

Digital payment options have eliminated the need for physical cash or even physical presence, making transactions seamless, quick and convenient.

Short on cash for your afternoon coffee? DBS PayLah!'s got you covered.

Looking to shop online for new clothes? Enjoy the convenience of shopping from home at any time with digital payment options.  

With the DBS Visa Debit Card, you can even make overseas purchases in up to 11 foreign currencies without incurring foreign exchange fees.

Better financial planning

As the saying goes, “cash is king”. But in today’s digital economy, is it still?

With a growing emphasis on responsible budgeting and financial planning, physical cash is becoming harder to track

In contrast, cashless payments can be easily monitored, and spending habits can be tracked.

You no longer need to wonder how your cash “mysteriously” disappears throughout the day – simply retrieve your transaction histories and credit card statements via your digibank app to track your expenses and financial habits.

Additionally, you can also use digibank to analyse your financial habits, gain clarity on your financial wellness and address any financial gaps.

Hygiene

Handling physical money involves passing bills and coins through multiple hands, potentially spreading germs and bacteria.

A study conducted by CNA Insider in 2017 revealed that the average bacteria count ranges from <50 per note (in ATMs) to >48,000 per note (in wet markets). This is comparable to the number of bacteria found on toilet seats and even the sole of your shoe!¹

Cashless transactions eliminate the need for physical exchange of money, reducing direct contact between individuals simply by tapping your device or card on a payment terminal.

While devices used for digital payments can also carry germs, they are generally easier to clean and disinfect.

Sustainability

The Monetary Authority of Singapore stated that approximately 100 million pieces of new notes are issued annually.² However, a substantial portion of these banknotes ends up being withdrawn from circulation later because the quantity “far exceeds normal circulation demand”.

These banknotes cannot be easily incinerated as it is made of polymer derived from petroleum and coated with multiple layers of materials.³ What’s worse, producing and transporting paper money also consumes resources and contributes to carbon emissions, posing a detrimental effect on our environment.

By embracing the diverse range of digital payment alternatives available, the demand for paper currency can be greatly reduced, which helps decrease our environmental footprint and promote a more sustainable economy.

Discounts and savings

Many digital payment platforms offer incentives such as rewards points, cash rebates, discounts and other loyalty benefits.

For example, you can accumulate miles by spending on credit cards like the DBS Woman's Credit Card and the DBS Altitude Card.

Many card and e-payment companies also collaborate with merchants to provide extra discounts or exclusive deals.

DBS digital solutions for your everyday needs

Ready to join the cashless movement and reap the benefits mentioned above? Here are 5 ways you can implement digital solutions in your daily life.

Purchasing daily necessities

With the DBS PayLah! app on your phone, you can seamlessly make cashless payments at over 180,000 acceptance points island-wide, including hawker centres and retail stores.

Here's a simple guide:

1. Open the DBS Paylah! app, if it is on the SGQR label displayed by the merchant.
2. Scan the QR label and verify the merchant’s name.
3. Input the payment amount and complete your transaction.

DBS digital gifts

Make gifting more special with DBS Digital Gifts – either through a QR Gift Card or an eGift. 

QR gift card

The DBS QR Gift Card is a loadable gift card with a QR code. You can load amounts between $0.01 and $999 using DBS PayLah! Once loaded, simply gift the card to your friends and family. They can easily redeem the value using DBS PayLah! Best of all, you can collect your DBS QR Gift Cards for free at any DBS/POSB branch throughout the year.

All they need to do is redeem the value loaded in the QR Gift card using DBS PayLah! You can collect your DBS QR Gift Cards for free at all DBS/POSB branches all year round.

eGift

The DBS eGift is a feature on DBS PayLah! that allows you to send money instantly to your loved ones in a fun and personalised way.

To send an eGift, simply tap the “Pay” button on the DBS PayLah! homepage and toggle the “Send as eGift” option, or tap the eGift icon on DBS PayLah!

Your transaction will be sent as a digital gift, and you can customise it by choosing a virtual card from the pre-selected GIFs or by uploading your own photo using the image icon in the "Type a message" field.

Find out more: Switch to QR Ang Baos and eGift

DBS remit 

DBS remit allows you to send money internationally without any fees. You can transfer money in up to 19 currencies to more than 50 locations worldwide, all on the same day. You can even enjoy preferential rates when you send S$50,000 or more.

DBS remit makes it easy to keep track of your transfer status through the digibank app, providing you with complete transparency over your fund transfers.

Getting started is easy - simply tap the "Overseas Transfer" icon in your digibank login screen to begin.

Disbursement of allowance for your children

Avoid ATM queues and go cashless while teaching your child to make contactless payments with POSB Smart Buddy!

With POSB Smart Buddy, you can set daily allowance limits, track your child’s transactions in and out of school, and educate them on good saving habits.