Electronic money will be made legal tender in Singapore by the year 2008
Published:
2 January 2001 y., Tuesday
Electronic money will be made legal tender in Singapore by the year 2008 and every merchant on the island republic will be required to accept it from customers no matter what the price of the goods in question.
It is envisaged that consumers will pay for goods and services with e-money loaded in electronic purses stored on smart chips in mobile phones, personal digital assistants and even cars.
The Board of Commissioners of Currency Singapore has set the 2008 start-up date to give merchants and banks around the country the time to prepare for such a nationwide system.
Called the "electronic legal-tender system," it will require merchants and service providers to accept e-money under Singapore law. Even an item costing as little as 10 cents will be able to be purchased through the electronic currency.
Low Siang Kok, director of currency of the BCCS said that existing wireless access protocol (WAP) technology was already capable of supporting such a service, but it will work to ensure a nationwide system is in place to support e-money transactions.
Šaltinis:
newsbytes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Software company announced new structure_ of it_s business.
more »
Confirming rumors that surfaced over the weekend, Apple has started selling the unlocked version of the iPhone 4 in Apple Retail stores.
more »
You didn’t expect Anonymous to take the recent Spanish police action against them lying down, did you?
more »
The era of foldable touch screens is rapidly approaching, with scientists in Taiwan leading the charge to develop computer and cell phone screens that can folded away or rolled up for storage.
more »
During the exibition „Technology Open House 2011“ japanese creators of technologies presented the automatic system, which can translate words into the finger language.
more »
China has warned Google that its business could suffer if it continues to suggest that Chinese spies have been targeting the emails of United States' officials.
more »
South Korea is showing off what it says is the world's first totally eco-friendly business building, a structure that emits zero carbon and uses only renewable energy.
more »
Facebook founder Mark Zuckerberg has said that an alleged contract and e-mails that a New York man claims entitle him to a 50% stake in the social networking site are "forgeries".
more »
The growing popularity of tablets has seen many new players enter the market.
more »
Anthony Weiner, a Democratic congressman, has claimed his Twitter account was hacked after a photograph of a bulging pair of underpants was sent to a follower. Here are some of the most memorable social networking 'hacks'...
more »
Hace China have compromised personal e-mail accounts of hundreds of top US officials, military personnel and journalists, Google has said.
more »