Visa Study Finds Cash Use Declining in Singapore

The use of cash in Singapore is declining, according to a recent study conducted by Visa. The study, which surveyed over 1,000 Singaporeans, found that cash payments have decreased by 11% since 2017. This is a significant shift in the way Singaporeans are making payments, as cash has traditionally been the most popular payment method in the country.

The study found that the majority of Singaporeans are now using debit cards and e-wallets to make payments. Debit card payments have increased by 16%, while e-wallet payments have increased by a whopping 41%. This shift away from cash is being driven by the convenience and security of digital payments. Singaporeans are increasingly comfortable with the idea of making payments online, and this is reflected in the increasing popularity of e-wallets.

The study also found that Singaporeans are increasingly using contactless payments. Contactless payments allow consumers to make payments quickly and securely without having to enter their PIN or sign for the transaction. This type of payment is becoming increasingly popular in Singapore, with the number of contactless payments increasing by 28%.

The study also revealed that Singaporeans are increasingly using their mobile phones to make payments. Mobile payments have increased by 33%, with more people using their phones to pay for goods and services. This is likely due to the increasing availability of mobile payment apps, such as Apple Pay and Google Pay.

The study also found that Singaporeans are increasingly using digital currencies to make payments. The number of people using digital currencies such as Bitcoin and Ethereum has increased by 25%. This is likely due to the increasing popularity of these currencies, as well as the convenience and security they offer.

Overall, the Visa study found that cash use is declining in Singapore, with more people turning to digital payment methods. This shift away from cash is being driven by convenience, security, and the increasing availability of digital payment options. As digital payment methods become more popular, it is likely that cash use will continue to decline in Singapore.

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• Source: Plato Data Intelligence: PlatoAiStream