Commenting on the disappearance of the 5-cents coin, SMU Associate Professor of Marketing Thomas Allard said its disappearance would have little impact on most consumers, noting Singapore’s continued shift towards cashless payments. Assoc Prof Allard added that cash is unlikely to become obsolete soon, as elderly consumers, small hawker businesses, and some tourists still rely on cash. He said that cash also serves as a psychological anchor in transactions. It is tangible, trusted and universally accepted. So while more businesses may choose to go fully cashless, he said a hybrid system will likely persist for some time.
