Almost Half of Singaporeans Choose Contactless Payments as Their Top Payment Choice: Visa Study
Close to 50 per cent of Singaporeans prefer paying with contactless payments (card and mobile) instead of cash, traditional card payments and QR payments according to the 2018 Consumer Payment Attitudes Study1 by Visa. Almost all Singaporeans are aware of contactless payments for cards (98%), with a large majority of them (83%) using contactless card payments more frequently than they did two years ago.1
Convenience is the top benefit for the popular use of contactless payments in Singapore. Close to 90 per cent of Singaporeans (86%) feel that contactless payments are more convenient and close to 50 per cent prefer contactless payments because it is hassle-free.2
“We have seen tremendous success in contactless payments usage in Singapore. Today, Singapore is one of the top countries in the world for contactless payments penetration. With more new acceptance channels opening up including transit and hawker centres, we believe that the growth of contactless payments usage will accelerate. Singaporeans are extremely familiar with this mode of payment based on our data and research and it is the top-of-mind payment choice for them given the convenience, speed and security benefits of this payment experience,” said Kunal Chatterjee, Visa Country Manager for Singapore and Brunei.
Findings from the research also indicated that 60 per cent of Singapore consumers are interested in using self-check-out kiosks rather than engaging with a cashier. In addition, more than half (54 per cent) choose contactless cards as their preferred payment method at self-service payment kiosks. Only nine per cent of Singaporeans choose to use cash.3
In terms of futuristic payment methods, six in 10 Singaporeans are interested in performing transactions using AI chatbots (59%) and close to 90 per cent of them are comfortable with ordering and purchasing goods or services through chatbots. Singaporeans are most comfortable with making bookings (89%), purchasing goods or services (89 per cent) and making bill payments (80%) with this technology.4
1 The 2018 Visa Consumer Payment Attitudes Study was conducted by Intuit Research with 500 Singaporeans. This is part of a regional research conducted in Southeast Asia on 4,000 consumers. The survey was conducted both online and face-to-face with respondents aged 18-60 years of age.
2 Visa Consumer Payment Attitudes Study – Singapore 2018
3 Visa Consumer Payment Attitudes Study – Singapore 2018
4 Visa Consumer Payment Attitudes Study – Singapore 2018
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.sg