Visa Study Finds Cash Payments Declining in Singapore

Cash payments are becoming increasingly rare in Singapore, according to a recent study by Visa. The study found that cash payments have dropped by more than a third over the past five years, with debit and credit cards now accounting for almost two-thirds of all payments.

The study, which surveyed more than 1,000 Singaporeans, found that cash payments have decreased from 44 percent of all payments in 2013 to just 28 percent in 2018. The decline is largely due to the increasing prevalence of digital payments, with debit and credit cards now accounting for 63 percent of all payments.

The survey also found that Singaporeans are increasingly using digital payment methods for everyday purchases. For example, the use of debit and credit cards for grocery shopping has increased from 45 percent in 2013 to 58 percent in 2018. Similarly, the use of digital payments for restaurant meals has increased from 31 percent to 48 percent over the same period.

The survey also found that Singaporeans are increasingly using mobile payments. The use of mobile payments for everyday purchases has more than doubled since 2013, with the number of people using mobile payments for groceries increasing from 8 percent to 20 percent over the same period.

The survey also revealed that Singaporeans are increasingly using digital payments for larger purchases. The use of debit and credit cards for purchases over $100 has increased from 35 percent in 2013 to 51 percent in 2018. Similarly, the use of mobile payments for purchases over $100 has increased from 4 percent to 14 percent over the same period.

Overall, the survey found that cash payments are becoming increasingly rare in Singapore, with debit and credit cards now accounting for almost two-thirds of all payments. The increasing prevalence of digital payments is likely due to the convenience and security they offer, as well as the increasing availability of mobile payment options. As such, it is likely that cash payments will continue to decline in Singapore in the years to come.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
• Source: Plato Data Intelligence: PlatoAiStream