Cash equivalents refer to anything that is used as currency as a payment mode. This includes cash cheque or traveller's cheque, payment account that contains e-money, any physical or electronic form of vouchers, tokens, and other articles the redemption of which entitles the holder to receive any precious stone, precious metal or precious product up to the value stated on or recorded in or in respect of the voucher, token or other article.

As a general guide, a payment mode would be considered as a cash equivalent if it allows anonymity and the identity of the payer cannot be traced.

Some examples of a 'cash equivalent' include:

a) Cheques

• Cash cheque

• Traveller's cheque

b) Cards

• Stored value cards

• NETS FlashPay, EZ-Link cards, CashCards

c) Vouchers

As an example, vouchers may be issued by shopping malls or regulated dealers, and may be passed from one individual to another multiple times before it is used.

d) Payment account that contains e-money

As an example, virtual wallets may be used by providers such as Grabpay, Shopeepay, Lazada, YouTrip, Wise, EZ-link and contain electronic stored value.