Singaporeans for cashless life

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SINGAPORE, 9 May 2018 – Singaporeans are becoming increasingly confident about going cashless with seven in 10 (68%) saying they can go without cash for an entire day, and almost half (42%) saying they can go cashless for up to three days, according to the 2017 Visa Consumer Payment Attitudes survey.

The majority of Singaporeans (85%) prefer electronic payments over cash, representing the highest preference for electronic payments in the Southeast Asia region, followed by Indonesia (83%), Vietnam (77%) and Malaysia (71%).

Visa country manager for Singapore & Brunei, Kunal Chatterjee said: “Consumers in Singapore are leading a cashless and digital lifestyle and this is clear from our survey findings. We see that seven in 10 Singaporeans have successfully gone cashless for at least 24 hours. This is a testament of our success in Singapore credited to key industry players and the government who have been driving the Smart Nation agenda.”

Kunal Chatterjee, Visa Country Manager for Singapore & Brunei

In terms of payment habits and sentiments, Singaporeans see cashless as a faster and more convenient way to pay. The survey showed that 74% claimed they currently do not use cash at point-of-sale, as they do not like to hold up the queue at checkout counters. Moreover, half of respondents prefer shops that accept electronic payment options instead of only cash (55%).

The study also showed that a third of Singaporeans are carrying less cash with them as compared to a year ago. The top reasons are due to increased payment card usage (66%), and contact-free payments (55%).

Overall, Singaporeans are confident about the country becoming a cashless society.  The survey showed that 24% were confident that a cashless society was possible for Singapore in less than three years and 41% believed that it will take four to seven years while 21% thought it would take eight to 15 years.