 through the launch of the GOVCash in a partnership with OCBC and GovTech is in the process of replacing){kind=link}
The Central Provident Fund (CPF) through the launch of the GOVCash in a partnership with OCBC and GovTech is in the process of replacing cheques and has started since November 2021.
Due to this initiative, it will allow Singaporeans who are unable to have money directly credited to withdraw payouts from the government through the OCBC ATMs.
Beneficial for over 40,000 Singaporeans
This initiative will also be beneficial for close to 40,000 Singaporeans as they will now escape queuing at the bank’s branches with their cheques in hand.
Banks in Singapore pay out about 500,000 cheques annually.
The CPF Board has also assured that GovCash is as safe as cheques when it comes to receiving of payments.
Those eligible under this scheme can withdraw their payments from over 500 OCBC ATMs around the island.
To simply put it, GOVCash is designed to be user friendly.
Security features of GOVCash
Security measures include using facial recognition technology which will be able to verify the identities of users as well as a liveness detection capability.
The latter works in a way where it can sense if the user is trying to use photographs, videos or masks to skim through the identification process.
Saves time
Previously when it comes to receiving payouts from the government, Singaporeans will have to drop their cheques in the drop-off boxes or go over the counters to exchange them for cash.
Now with GOVCash, Singaporeans can just withdraw payouts via OCBC ATMs at any time of the day without needing to rush to the banks during their operating hours.
They can also use the scan and pay function or PayNow function to receive their payouts through the LifeSG mobile application.
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