FINANCIAL SERVICES | Staff Reporter, Singapore

Almost three-fifths use mobile payments as contactless cards maintain hold

62% expect that their mobile payment usage will increase next year.

More than half (56%) of Singaporeans are now using mobile payment methods, 12% higher than last year, a Visa consumer study revealed.

Contactless card payments are still the most popular option (84%), especially amongst millennials (92%). Singaporeans prefer using contactless cards whilst shopping or on public transportation due to convenience and earned rewards.

Three-fifths (62%) expect that their mobile payment usage will increase next year.

The introduction of payment options such as Apple Pay, Samsung Pay and Google Pay has boosted the popularity of mobile payments in the country. In addition, stringent mobile security and data privacy measures have helped in the adoption, with three in four Singaporeans (75%) saying that they don’t feel at risk when making mobile payments.

The same percentage also revealed that they are willing to share location data with merchants in return for special discounts, promotions and services. In fact, security concerns are mostly concerned with losing one’s mobile phone (61%) or the possibility of getting hacked (49%).

Visa has recently implemented an option for merchants not to capture signatures as a cardholder verification method to lessen interactions with point-of-sale machines. It has also increased contactless payment transaction limits from $100 to $200.

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