Credit or debit card payments (97%) have overtaken cash (82%) to become the most-used payment method in Singapore; and more than 95% of consumers there use credit or debit cards for payment, a consistent trend across generations from baby boomers to Gen Z, according to new study.
The widespread use and preference of contactless cards in the city-state is driving this trend and continues to fuel Singapore’s shift towards becoming a cashless nation, finds the Consumer Payment Attitudes study by digital payments firm Visa. Two in four Singapore consumers (39%) are also carrying less cash in their wallets due to greater reliance on contactless payments.
With more than four in five Singapore consumers (82%) using contactless cards, it has become the preferred payment method for an extensive number of categories, including convenience store purchases (54%), retail shopping (53%), supermarket purchases (52%), public transport (33%) and taxis and ride-sharing (28%). Online card payments remain the method of choice for bill payments (35%).
While it is not the most widely used method, mobile contactless payments (52%) and quick response (QR) code payments (48%) continue to increase among Singapore consumers.
Since the pandemic, mobile contactless payments have seen greater use for public transport, petrol, and food and dining. On the other hand, QR code payments are increasingly being used for retail shopping and convenience store purchases.
Adeline Kim, Visa’s country manager for Singapore and Brunei, says: “Singapore’s tech-savvy consumers lead hyper-digital lives, and our nation’s advanced payments infrastructure has made it possible for many to go cashless.”