Visa Study Finds Cash Usage Declining in Singapore

Time Stamp: March 8, 2023 2:37 AM
Source Node: 1999498

As technology advances, cash usage is declining in many countries around the world. A recent Visa study has found that Singapore is no exception. The study found that cash usage in Singapore has decreased significantly in the past decade, with only 29% of all transactions being conducted with cash in 2018. This is a significant decrease from 2008, when cash accounted for 56% of all transactions.

The study found that the decline in cash usage is largely due to the increasing popularity of electronic payment methods such as debit cards, credit cards, and mobile payments. These payment methods are becoming increasingly popular among consumers in Singapore, as they are more convenient and secure than cash. In addition, the study found that the use of contactless payments, such as tapping a card or phone on a payment terminal, has grown significantly in recent years.

The study also found that the decline in cash usage is having a positive impact on the economy. As more people switch to electronic payments, businesses are able to save money on cash handling costs. This savings can then be passed on to consumers in the form of lower prices and better services.

In addition, the study found that the decline in cash usage is helping to reduce crime. As cash is no longer used as frequently, criminals have fewer opportunities to commit crimes such as robbery and fraud. This is beneficial for both businesses and consumers, as it helps to keep them safe from criminals.

Overall, the Visa study has found that cash usage is declining in Singapore, and this trend is likely to continue in the future. As more people switch to electronic payment methods, businesses will be able to save money and consumers will benefit from increased security and convenience. This is a positive development for both businesses and consumers in Singapore.

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