The island state of Singapore is now looking to a 2011 deadline for its plans to turn its economy 'cashless,' taking coins and bills out of circulation in favour of state-distributed debit cards linked to the banking system.
Under the new system, even the tiniest purchase would be automatically debited. A car park fee, for example, would be automatically deducted from a transmitter ‘clocking’ an embedded contact within a vehicle.
The amusement industry in Singapore is already well prepared for the eventuality as nearly all of it operates on debit card systems. The object for the Singapore Government is to eradicate any form of ‘black economy’ and prevent money laundering.
