Cash usage in Singapore is declining, according to a recent Visa study. The study, which surveyed over 1,000 Singaporeans, found that cash usage has decreased by nearly 20 percent since 2017. This trend is in line with the global trend of people increasingly relying on digital payments and contactless payments.
The study found that Singaporeans are increasingly using digital payment methods such as debit cards, credit cards, and mobile wallets. The most popular digital payment method was debit cards, followed by credit cards and mobile wallets. The study also found that contactless payments are becoming increasingly popular in Singapore, with nearly 40 percent of respondents saying they had used contactless payments in the past year.
The study also found that Singaporeans are increasingly using digital payments for everyday purchases, such as groceries and meals. This is likely due to the convenience and security that digital payments offer. Additionally, the study found that Singaporeans are increasingly using digital payments for larger purchases, such as travel and entertainment. This is likely due to the increased availability of digital payment options, such as e-wallets and mobile payment apps.
The Visa study also found that Singaporeans are increasingly using digital payments for international purchases. This is likely due to the convenience of being able to pay in local currency, as well as the security of using a secure payment method. Additionally, the study found that Singaporeans are increasingly using digital payments for online purchases, such as shopping on Amazon or booking flights and hotels online.
Overall, the Visa study found that cash usage in Singapore is declining and that digital payments are becoming increasingly popular. This trend is likely to continue as more people become comfortable with using digital payments for everyday purchases. Additionally, the increased availability of digital payment options is likely to further drive the adoption of digital payments in Singapore.
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- Source: Plato Data Intelligence: PlatoAiStream