A new study conducted by Visa has found that cash payments in Singapore are declining. The study, which surveyed more than 500 Singaporeans, revealed that the majority of respondents prefer to pay with cards or mobile payments.
The survey found that cash payments have decreased from 73% of all payments in 2018 to only 57% in 2019. This is a significant drop and indicates a shift in consumer behavior. The study also found that the majority of respondents prefer to use cards or mobile payments for their purchases. This is likely due to the convenience and security that these payment methods offer.
The survey also revealed that the younger generation is more likely to use cards or mobile payments than cash. This is likely due to the fact that they are more tech-savvy and are more comfortable with using digital payment methods. Furthermore, the survey showed that the majority of respondents felt that cash payments were inconvenient and insecure.
The study also found that the majority of respondents felt that cash payments were not necessary for small purchases. This is likely due to the fact that many merchants now accept cards and mobile payments for even small purchases.
Overall, the survey indicates that cash payments are declining in Singapore. This is likely due to the convenience and security offered by cards and mobile payments. Furthermore, the younger generation is more likely to use these payment methods than cash. This shift in consumer behavior is likely to continue in the future as more merchants accept digital payment methods.
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- Source: Plato Data Intelligence: PlatoAiStream