Visa Study Finds Cash Payments Decreasing in Singapore

As the world moves towards a more digitalized economy, cash payments are becoming less common in Singapore. According to a recent Visa study, cash payments have decreased by 8% since 2017. The study also found that debit and credit card payments have increased by 11% over the same period.

The Visa study surveyed over 1,000 Singaporeans and found that cash payments are now the least preferred payment method. In fact, only 15% of respondents said they still prefer to pay with cash. The majority of respondents (77%) said they prefer to use debit or credit cards, while 8% said they prefer to use mobile wallets.

The study also found that Singaporeans are increasingly using contactless payments. Contactless payments allow customers to make purchases without having to enter their PIN or sign a receipt. This type of payment is becoming increasingly popular in Singapore, with the number of contactless payments increasing by 25% since 2017.

The Visa study also found that Singaporeans are more likely to use digital payments when making purchases online. Over half (54%) of respondents said they prefer to use debit or credit cards when shopping online, while only 8% said they prefer to use cash. This is a significant shift from 2017, when only 39% of respondents said they preferred to use debit or credit cards when shopping online.

Overall, the Visa study shows that Singaporeans are increasingly turning away from cash and towards digital payments. This trend is likely to continue as more businesses adopt contactless payment systems and as more people become comfortable with using digital payment methods.

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