GovCash Will Spare 40,000 S’poreans From Bank Queues To Encash Cheques
When receiving payments from Government agencies, direct credit into your bank account is the most convenient way.
But for Singaporeans who’re for various reasons unable to do that, they had to settle for getting cheques instead.
However, an easier way of getting paid is now possible – they can simply withdraw it from an OCBC Bank ATM.
Thus, they’ll be spared from having to deposit cheques and wait for their cash, or queueing up at the bank to encash them.
GovCash will replace cheque issuance
The Central Provident Fund Board (CPF Board) announced the launch of GovCash in a news release on Monday (21 Feb).
The “simple and intuitive” new service will replace the practice of issuing cheques to Singaporeans unable to use direct bank crediting.
Some of the Government payments that can now be received via GovCash include:
- Workfare Income Supplement (WIS)
- Workfare Special Payment (WSP)
- Training Commitment Award (TCA)
Available at 500 OCBC ATMs
For a start, GovCash will be available at 500 OCBC ATMs islandwide, so there’s a good chance that most Singaporeans will be able to get their cash at one nearby.
The best part is, they can do so at any time of the day, unrestricted by the bank’s opening hours.
Also, an OCBC bank account is not needed to receive funds via GovCash.
Singaporeans who still prefer the human touch can visit an OCBC branch when they’re open to seek help from OCBC Digital Ambassadors with their GovCash withdrawals.
GovCash no less secure than cheque
Some might be concerned over security, particularly with the spate of scams going around.
The CPF Board assured that GovCash is “no less secure” than getting a cheque.
To authenticate users, it’ll make use of SingPass’ facial verification technology that has a “liveness-detection capability”.
Image courtesy of OCBC
The feature will be able to detect the use of photos, videos or masks to impersonate users.
40,000 Singaporeans to benefit
The new service, a collaboration between the CPF Board, OCBC Bank and the Government Technology Agency (GovTech), will benefit up to 40,000 Singaporeans.
Some 500,000 cheques per year are encashed at banks by these Singaporeans, the CPF Board said.
Click here for some FAQs and simple steps on how to use GovCash.
For the more sophisticated, they can also transfer the payment directly to a PayNow NRIC-linked bank account or use it to pay merchants or friends via the LifeSG app.
Making life easier for Singaporeans
Kudos to the respective agencies and OCBC for finding a way to make life easier for Singaporeans receiving Government payouts.
With GovCash, many Singaporeans will save a lot of time that can be spent resting of being with loved ones.
Hopefully, the service will be so well-received that it becomes a way of life.
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Featured image from MS News.