Phasing out of cheques: 2 new digital payment solutions expected to be rolled out in mid-2025

Two new electronic payment methods for individuals and companies will be introduced in mid-2025, as part of moves to phase out cheques. They will be available on digital banking platforms of seven major banks, including DBS, OCBC and UOB. To give businesses more time to transit, the deadline to stop processing corporate cheques will be extended to December 2026.