Cash will always be useful according to Jeffrey Goh

Cash will always be useful according to Jeffrey Goh
With increased digitalisation spurred by the Covid-19 pandemic, will cash go the way of the dodo in Singapore?

E-payment veteran Jeffrey Goh replied with a resounding "no".

Mr Goh, head of Grablink, a unit of South-east Asia's ride-hailing giant Grab, said physical cash still remains very relevant as a payment option in the event of a network breakdown.

"We need to think about it from a business continuity (perspective). What if the network is down?" he said, speaking at an askST @ NLB session on Friday (April 30).

E-payment networks can break down for various reasons, including cyber-security attacks or lack of capacity planning, said Mr Goh.

He was speaking on the topic "Will cash go the way of the dodo in Singapore?" in the latest edition of the askST @ NLB talks.

Hosted by Straits Times tech editor Irene Tham, it was live-streamed on Friday on ST's Facebook page.

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The War Against Cash - 06/10/2021

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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