Nearly 50% of Singaporeans Prefer Contactless Paymentsby Fintechnews Singapore May 2, 2019
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 Study 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.
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.
“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.”
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.
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.
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