Most Singaporeans View Cashless Payments as the Most Eco-Friendly Choice, Says Visaby Fintech News Singapore June 8, 2023
Visa study found that nearly nine in 10 Singapore consumers consider cashless payment methods, including cards, mobile wallets and mobile banking, to be the most eco-friendly
The Visa Consumer Payment Attitudes study highlighted the increased importance consumers in Singapore place on sustainability, environmental values and societal causes.
It revealed that a significant proportion of Singaporeans are actively taking steps (33%) or planning to take steps (41%) to expand their knowledge on responsible consumption.
Six in 10 consumers (61%) are keen to see physical cards made from sustainable materials given it is a more eco-friendly option.
Nearly half of Singapore consumers (45%) are also willing to donate some part of their loyalty rewards points, accrued through the usage of their credit cards or other similar services, to sustainability causes.
More than half of Singapore consumers (53%) are also keen on receiving on-demand tips and education on sustainable consumption through apps that they use provided by financial service providers and their banks.
The study highlighted that sustainability, environmental values and societal causes are influencing consumers’ support for certain brands.
More than a third of Singaporeans (34%) are willing to switch to brands that focus more on sustainability, as long as the price and quality remain the same.
“Visa is well positioned to meet consumers’ needs and demands for greater transparency and understanding of their environmental impact.
For example, Visa launched our Eco Benefits solution last year where we work with our issuing banks to enable cardholders to calculate the carbon footprint generated by their Visa transactions, and access options for carbon offsetting or charitable donations through their bank’s website or app.”
said Adeline Kim, Visa Country Manager for Singapore & Brunei.