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Online Payments

Visa: study reveals Singapore consumers prefer e-payments over cash

Wednesday 17 May 2017 | 01:38 PM CET

The 2016 Visa Consumer Payment study, conducted by Toluna, has revealed that 87% of Singapore consumers prefer e-payments over cash.

The main factor that drives e-payment growth in Singapore is the continuous rise of debit card usage, which increased by 7% compared to 2016. More than 62% of surveyed consumers actively use a debit card and 48% said that they carry more payment cards now than they did five years ago. Currently, only 11% of Singaporeans have to use physical cash, mainly in hawker centers, food courts, and wet markets.

The study has also revealed that Singaporean consumers are more trusting towards electronic payments with 52% believing them to be safer than cash payments. Also, 60% said that they are comfortable with biometrics such as fingerprint and facial recognition to authenticate online transactions. Another 66% have expressed demand for fully automated payment services and more than 91% of respondents are familiar with contactless payments.

The government is actively encouraging the transition from cash to e-payment systems in Singapore. To achieve this, the central bank is planning to open a Central Addressing Scheme, which will link business mobile phone numbers to bank accounts, bypassing the need to give away bank account information.

More: Link
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