Singapore can fully switch to non-cash payment
July 10, 2017
Visa Consumer Payment regularly conducts research on the online payment market in various countries around the world. According to one of these recent studies, 87% of Singapore consumers prefer electronic payments, instead of cash payments! There is no doubt that Singapore will soon decide on a full transition to non-cash settlement.
To date, only 11% of Singaporeans use cash and then only to pay for purchases in the markets, while the rest are sure electronic payments should be trusted because they are much safer than cash settlements. Moreover, this kind of payments is much more practical, because you do not need to carry anything but a payment card.
According to the latest polls conducted in Singapore, 91% of respondents use contactless payment service, 66% of respondents express a desire to use fully automated payment services, and 60% happy to use the system of biometric authentication of users in online transactions (for example, access to an account only after recognizing and comparing fingerprints and/or facial features).
In 2017, the number of users of debit cards in Singapore increased by 7% and this is the principal reason for growing the popularity of payments conducted electronically. Modern Singaporeans carry many more payment cards than a few years ago, actively use them and prefer to take less cash, replacing it with electronic means.
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