Electronic money will be made legal tender in Singapore by the year 2008

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.