NO CASH ACCEPTED

Some teens and seniors feel left out with rise of cashless-only stores

- Sarah Koh

When Jiya Sharma, 15, went to Starbucks at Downtown East two months ago to study, she could not buy a drink as the outlet has stopped accepting cash.

The Secondary 3 student, who had visited the outlet weekly over the past two years, left empty-handed that day.

She also recalled having a similar experience about a year ago while trying to buy food from Wok Hey at White Sands mall, after the store stopped accepting cash.

Indeed, “cashless-only” signs have been popping up across stores in Singapore as shop owners get used to the convenience of not having to handle notes and coins, after making the switch for hygiene reasons during the Covid-19 pandemic in 2020.

This is a sharp contrast from store encounters before the pandemic hit, when many shops insisted on “cash-only” payments.

Associate professor of finance Fu Fangjian of SMU’s Lee Kong Chian School of Business attributed this to the success of the Government's go-digital campaign.

Said Prof Fu: “Singapore’s Government has been very deliberate in driving the Smart Nation agenda... Grants under the SMEs Go Digital programme have made it easier and cheaper for merchants to go cashless.”

During a recent visit to four malls in Bugis, Orchard, Somerset and Dhoby Ghaut, The Sunday Times found “cashless-only” signs displayed at 14 of 100 shops.

Food and beverage (F&B) outlets such as Chagee, Luckin Coffee, Starbucks, Stuff'd, llaollao, Tiong Bahru Bakery and Eat Pizza are among a growing list of shops that have stopped accepting cash.

Many F&B outlets told ST that the shift is driven by convenience, hygiene and customers' preference for cashless methods.