Visa study flags rewards, scam fears as top RTP barriers in Singapore

Wrong-account worries also rank high, Visa says.

The inability to earn rewards and fears of transferring to fraudulent or scam accounts were among the top barriers to real-time payments (RTPs) use in Singapore, with 43% citing rewards and 37% citing scam concerns, according to Visa.

The study, written with the Global Finance & Technology Network (GFTN), Nextrade Group, and the Visa Economic Empowerment Institute (VEEI), surveyed 5,500 consumers and 2,100 small and medium-sized businesses (SMBs) across six markets, including Singapore.

The study said 47% of users in Singapore worry about sending money to the wrong account when using RTPs.

Fraud and scams were also a leading payment pain point for SMBs in Singapore, cited by 38%, behind customers taking too long to pay and causing queue delays at 29%, the study said.

“Real-time payments are transforming the way people and businesses move money, but speed must go hand-in-hand with security,” said Serene Gay, group country manager for regional Southeast Asia and SVP for global clients and acquirers for Asia Pacific at Visa.

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