Govt Invests $500 Million To Help Hawkers Go Digital, Encourage E-Payments

Fortitude Budget Pledges Over $500 Million To Help Hawkers Go Digital

Deputy Prime Minister Heng Swee Keat announced during the Fortitude Budget on 26 May that the government will pledge more than $500 million to help hawkers & wet markets, among other businesses, go digital and encourage e-payments.

Source

He emphasised that Singapore must embrace digital solutions, and “not go back to our old ways”.

$500 million will encourage more digital payments among hawkers

“Accelerating digitalisation” among businesses is a goal of the government at the moment.

Stallholders that use e-payment methods for consumers will get up to $300 a month over 5 months.

This will hopefully make consumers’ lives easier and reduce the need for cash.

Digital Resilience Bonus to give up to $5,000 to businesses

Businesses can receive the Digital Resilience Bonus of up to $5,000 if they start using PayNow Corporate and e-invoicing, and e-commerce solutions.

Additionally, businesses that adopt “advanced solutions” can expect to receive another $5,000 on top of the first bonus.

Nearly $100b pledged over 4 budgets so far

The Fortitude Budget marks the 4th time that DPM Heng has had to dig into the government’s reserves amid Covid-19 and a dwindling economy.

Not only are we looking to save jobs in the short-term, we’re also looking forward to make Singapore a city of the future.

This step to encourage businesses to go digital may not have come this soon had Covid-19 not hit.

But now, the places where we have to use cash for payments – especially at wet markets and hawker centres – may decrease at a more significant rate.

Also read:

Fortitude Budget Will Cost $33 Billion, 4 Budgets Amount To Nearly $100 Billion

Featured image by MS News.