THE SOCIAL TRANSFORMATION TOWARDS A CASHLESS SOCIETY: A CASE STUDY OF SINGAPORE

Abstract

The development of technology in the globalization era drives countries to move forward with advanced systems. Currently, the emergence of digital payment has replaced the existence of cash payment. In addition, there are several products and services that require payment without cash which are available in a variety of applications. The transformation of payment systems drives the country to social transformation towards a cashless society which society prefers to not use cash money in transactions. Singapore as the one country in Southeast Asia has transformed towards cashless as the one of its goals in creating a global smart nation. The social transformation in Singapore spurred by social changes in several aspects to assist people to improve living standard and economic growth. Being a cashless society is one of Singapore’s goals and concern toward it. Through analysis, found out that factors which lead Singapore to become a cashless society are the role of the government, the role of the central bank and consumer behavior. This phenomenon was answered by Social Transformation theory by Aldo Haesler. This theory hinders that the society has to adapt with the impact of globalization. The social transformation in Singapore towards cashless society could be seen from the emergence of mobile payment users which increase day by day moreover, since the application of PayNow has been launched in 2017, the enthusiasts of society for welcoming new methods lead Singapore’s progress to embody its vision towards cashless society.