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.
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“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%).
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