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.”
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.