Gen Y Speaks: Yes, I don’t do cashless. So what?

SINGAPORE — The Grab driver gave me a quizzical glance as I handed the S$10 note to him.

“Cash ah?” he said, before mumbling under his breath: “So rare… Usually young people like yourself would use GrabPay (Grab’s e-payment system).”

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I smiled to myself — he was not the first bemused Grab driver to make that comment, and I suspect he will not be the last. 

On another recent occasion, after a meal out with friends, one of them picked up the tab.

The rest chirpily whipped out their phones and said: “I will PayLah/PayNow you my portion of the bill.”

Meanwhile, yours truly quietly reached for his wallet, took out a wad of notes and handed it over, as the rest of the group looked on, partly curious, partly stunned at the sight of me holding a stack of S$10 notes.

Welcome to my cashless-less world, if there is such a word.

For the record, I do not use any form of contactless or cashless payment modes, nor do I own any credit or debit cards.

So it is no PayLah, PayNow, GrabPay — and the whole gamut — for me.

I pay in cash for my taxi and private hire car rides as well as my meals, and use my Nets card only when I purchase big-ticket items.

Booking a flight, hotel or a concert ticket? Most times I will ask a friend to help, before transferring the cash — via an ATM, mind you — to them.

Also, I have never done any form of online shopping either, unless it is done with peers, during which I will tag on to their purchases and — you guessed it — bank transfer my portion to them.

Needless to say, my peers call me “old (and old-fashioned) man”.

Amid the Government’s push to get Singaporeans to embrace cashless modes of payment, my undying love for cold, hard moolah makes me seem like a renegade.

But this is a badge of honour I wear — is there anything wrong in not being part of the cashless movement (despite my relative youth of 28 years of age)?

Sure, I get the occasional weird look from people when I come clean about my cash habits (Fun fact: While discussing this story with my editors, several of them asked: “Are you serious?! How old are you again?”).

But there are certain merits to not embracing the cashless movement.

OUT OF SIGHT, OUT OF MIND?

Carrying cash, despite the weight and the occasional bulky wallet, provides a stark and physical reminder of my spending habits.

I always joke with my friends that I appreciate a heavy wallet, because it gives me an impression that I have a lot of cash on hand.

Transacting in cash helps me keep track of my expenses. When I run out of money in the wallet, perhaps it is a sign that I should rein my spending in.

Sure, I can withdraw money from the ATM, but even the act of doing so — and viewing my available bank balance — helps me to keep a close eye on how much I have been spending.

When I am overseas, I do not carry any cards with me and set a daily limit on how much to spend.

The result? Less unnecessary and impulsive purchases.

Some of you may argue that it is dangerous to be carrying so much cash out on a holiday, but I have learnt to mitigate the risks by splitting my cash in various hard-to-reach compartments and keeping some in safes.

Still, despite the hassle, it is a better way to track my spending than bringing a card and engaging in a swiping frenzy.

Carrying cash has other benefits.

There have been occasions where the loose change I carry in my wallet has proven to be handy — like at the hawker centre or provision shop, for instance. Some shops even insist on a minimum purchase amount in order for them to accept card payment.

So unless the retail and payment scene in Singapore does an entire pivot towards cashless (see: China), cash ain’t dying anytime soon.

The plethora of payment modes now can be confusing for some, as is the possible complexity of setting up payments modes like e-wallets.

Add to that the fear of digital transactions getting lost in the cloud, or worse — compromised by cyber attacks — and my hesitance should be understandable.

However, I am not saying that I will never be converted.

And yes, the thought of getting my first credit or debit card has crossed my mind.

The allure of earning rewards and making big-ticket purchases on my own — without troubling my friends — sounds tempting.

I had held off doing so for most of my youth, given my lack of steady income stream.

Now that I have been working for nearly three years, perhaps it is time to cross over to the other side.

But until that day comes, cash is and will still be king for me.

ABOUT THE AUTHOR: Alfred Chua is a TODAY journalist who covers court and crime, as well as education and consumer stories. If you are a youth who thinks cash is still king, do write in to him at alfredchuam [at] mediacorp.com.sg.