Cash Is No Longer King in Singapore, Visa Study Says

Cash Is No Longer King in Singapore, Visa Study Says

by March 8, 2023

More than 9 out of 10 Singaporeans prefer card payments over cash, according to the latest Consumer Payment Attitudes Study by Visa in 2022.

The study, conducted with 1,000 Singaporeans, found that 97% of Singaporeans use credit or debit cards for payment compared to the 82% that prefers the cash option. This trend was found to be consistent across generations from Baby Boomers to Gen Z.

It also noted the widespread use and preference of contactless cards in Singapore with more than four in five Singapore consumers (82%) using contactless cards.

Contactless cards became the preferred payment method for convenience store purchases (54%), retail shopping (53%), supermarket purchases (52%), public transport (33%), as well as taxis and ride sharing (28%).

The payment giant said that for every 10 Visa transactions, more than nine are using contactless payments, and this is one of the highest in the world.

Mobile contactless payments (52%) and QR code payments (48%) also continue to be on the rise among Singapore consumers.

The study found that mobile contactless payments were mainly used for public transport, petrol, as well as food and dining. Meanwhile, QR code payments are increasingly being used for retail shopping and convenience store purchases.

Nearly two in three consumers (63%) have tried to go cashless with 42% succeeding in doing so for at least a week.

39% of Singaporeans are also carrying less cash in their wallets due to greater reliance on contactless payments.

Adeline Kim

Adeline Kim

“To help more consumers embrace cashless payments in all aspects of their lives, Visa is working closely with banks, merchants, fintechs, and other strategic partners to power cashless payments for new and exciting use cases, such as electric vehicle charging as Singapore gears up towards becoming a smart city,”

Adeline Kim, Visa’s Country Manager for Singapore & Brunei, said.