"Our instant payments volume in Singapore has grown 22% year-on-year and we have seen a reduction in cheque usage here by 13%. We launched SPRING by Citi, allowing corporates to collect via cards, PayNow Corporate and dynamic QR collection capabilities, replacing traditional methods like cheques. Similarly, our corporate clients are able to effect payments via both FAST and PayNow," says a spokesman from Citi Singapore.
The Monetary Authority of Singapore (MAS) today announced that all corporate cheques will be eliminated by end-2025 whilst individuals will still be able to use cheques for a period after 2025.
Due to the continued adoption of digital payment methods, cheque usage in Singapore has been falling steadily, with annual cheque transaction volume having declined by some 70% from 61 million in 2016 to less than 19 million in 2022.
