Cashless Payments Widely Used in Singapore

According to the latest Visa Consumer Payment Attitudes Study, a majority of Singaporeans are using card payments over cash for their transactions. The study conducted by CLEAR gathered answers from 1,000 respondents between the ages of 18 to 65, and showed that while 82% still used cash, 97% used cards for payment.

Adeline Kim, the Manager for Visa Singapore and Brunei, explained that Singaporeans are highly receptive to integrating technological advances into their daily lives. One of the technological advances that Singaporeans have embraced is the use of contactless and cashless payment methods. She further explained that Visa is collaborating with key players such as merchants and banks to fully integrate fintech to back sustainable contactless payment systems, including those with EV charging ports around Singapore.

The study further showed that four out of five consumers use contactless cards for various purposes such as:

• 28% for ride-sharing or taxis
• 33% for public transportation
• 52% for groceries
• 53% for retail shopping
• 54% for convenience stores.

It also revealed that out of 10 Visa transactions, nine are using contactless payment methods, which is one of the leading numbers worldwide.

Those who are using contactless payments are highly committed to it, with 89% using it at least once every week, and two out of five or 41% are using it for around four times or more. Furthermore, 52% of respondents reported using mobile or digital wallets, while 48% used QR payments.

The study’s results are an indication that the payment landscape in Singapore is rapidly evolving. She added that the shift towards cashless payment methods is a positive development that benefits both consumers and merchants. It not only provides convenience and speed, but it also reduces the need for physical cash handling, which is especially critical in the current pandemic situation.

With the growing trend, it is essential that payment providers, merchants, and banks work together to ensure a seamless transition towards a cashless payment landscape that is sustainable and secure.