Calvin Cheng disses MP Don Wee's Facebook post about new ATM at Choa Chu Kang, says 'this is mad'

It seems Calvin Cheng's tirade and debate with netizens over whether cash is king is ongoing. 

The former Nominated Member of Parliament (NMP) is back again with yet another post about it and this time, it was about a new Automated Teller Machine (ATM) being installed at Choa Chu Kang. 

Cheng was responding to People's Action Party Member of Parliament (PAP MP) Don Wee's Facebook post on Tuesday (Feb 14) about the new ATM at Choa Chu Kang. 

Posted Wee: "I am happy to share that UOB has set up a new ATM at block 810, Choa Chu Kang Ave 7!"

"Many residents, especially those who are staying in Axis Colours, have requested for ATM machines to be nearer to their homes," he wrote, adding that the machine will provide greater convenience to residents with OCBC and UOB accounts. 

'Celebrating outdated form of payment'

While many residents expressed gratitude, Cheng, on the other hand, didn't think very positively of it. 

In a post on Friday (Feb 17), he pointed out that the move is "openly going against our drive to minimise cash". 

"Not only celebrating an outdated form of payment, but encouraging banks to install more ATMs. Banks should be doing the opposite, closing ATMs," he said .

Cheng also likened the scenario to using seashells to make payments. 

"It's like if an MP found people using seashells to pay for things, and saying wow! Amazing. Let's all use more seashells to pay for things. What an embarrassment." 

Additionally, Cheng pointed out that it's possible for the elderly to use digital payment and even "old people from small villages in China do it daily". 

"Are old people more backwards?" he asked. 

However, while he is against the idea of more ATMs and the usage of cash, Cheng said we should not eliminate cash but minimise the use of it as much as possible. 

In the comments, one netizen urged Cheng to spare a thought to those who are less tech savvy. 

He also said that while he himself is supportive of the cashless movement, he felt it was unnecessary to name and shame those who prefer traditional forms of payment. 

To that, Cheng reiterated: "I never said eliminate cash. I said minimise." 

Another netizen pointed out that one day, Cheng too will grow old and maybe, someone from the younger generation will poke fun at him for using digital payment instead. 

Cheng runs a digital asset firm called Damoon Technologies which recently expanded into Switzerland after it was granted membership to the country's Financial Services Standard Association. 

The firm is currently building a platform for users to engage in crypto-to-fiat payments, as well as provide a digital asset custody service. 

"I believe in the future of digital assets, but this has to be done in accordance with traditional finance's compliance standards," Cheng told The Straits Times. 

Will everything go digital in the future? 

Cheng had also mentioned previously how China is far ahead in revolutionising its payment system to a digital one. 

Over the past decade, the country has experienced a "retail payment revolution," reported American research group Brookings Institution in 2020. 

They've created two new payment systems — built on digital wallets and QR codes — that now dominate person-to-person, retail and many business transactions. 

"China's system largely disinter mediates banks from payment transactions, robbing banks of an important and long-standing source of revenue," said the report. 

ALSO READ: Netizens riled by ex-NMP Calvin Cheng's call to 'name and shame' cash-only food operators

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