2 in 5 Singaporeans open to going cashless for up to three days: study

Residents are carrying less cash as they turn to card and contactless payments.

Nearly half (42%) of Singaporeans are confident of going cashless for extended periods of time or up to three days, according to a report by Visa.

Almost three quarters (74%) of users admit that they do not use cash at point-of-sale as they do not like to be held up by long queues at checkout counters.

Also read: Google unveils e-payment app in Singapore

“Singapore has one of the highest electronic payments penetration in the region. There is wide acceptance in most of the major merchant categories, although there are small pockets of traditionally cash-based segments in Singapore,” said Visa country manager for Singapore & Brunei Kunal Chatterjee.

In fact, the report noted that the welcome attitude of Singaporeans towards electronic payments (85%) represents the highest preference in Southeast Asia, beating Indonesia (83%), Vietnam (77%) and Malaysia (71%)

The study also revealed that a third of Singaporeans are carrying less cash with them as compared to a year ago amidst increased payment card usage (66%), and contactless payments (55%).

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Jalan Tembusu, meanwhile, saw a strong performance due to the opportunity present in the area.
Users can now link accounts from Bank of China, DBS, Maybank, OCBC, StanChart, and UOB.
The new deal also extends SIAEC’s existing on-wing care services with Rolls-Royce.
Prime office rents rose 1.5% QoQ in the fourth quarter of 2021.
Completion of the acquisitions is expected to take place from H2 2022 to Q1 2024.
The Jalan Tembusu site hit a new record land rate of $1,302 psf ppr.
'Long COVID' is experienced by people who have symptoms that drag for a month.
This is according to interest rate forecasts from OCBC. 
Seven in 10 Singaporeans are looking to switch jobs in 2022.
DairyFarm had the most growth.
A continued expansion of the VTL program strengthened this performance. 
The resumption of data centre development came with new conditions.
The digital platform will use the fund to strengthen haulage capacities.
This is part of its continued support for the vaccination and booster drive.