News in Brief

Cash and Mobile Money Use Not Exclusive in Singapore

Singapore’s Lee Kuan Yew School of Public Policy, working with UOB, a bank, has carried out a national survey on digital inclusion and resilience.

The survey of 2,000 people found that 88% of respondents use mobile banking at least a few times a month but 75% also use ATMs several times each month. 25% visit their bank branch a number of times each month.

The survey asked people how open they were to using mobile banking and it found a high level of willingness to try it, even amongst high cash users. Trust was the key which would move people from intention to action. Perhaps surprisingly, the survey found that older adults were not the most susceptible to being scammed. Under 25s were 10% more susceptible than those over 65 years old.