Four in five Singaporean Gen Z have tried to go fully cashless: Visa

And 6 in 10 SG consumers tried to go cashless in bills payment.

Over four in five Gen Z Singaporeans have tried going fully cashless during the pandemic, according to Visa’s latest Consumer Payment Attitudes Study.

A total of 82% of Gen Z consumers surveyed said that they have attempted going cashless, higher than the nearly three in four (74%) of Gen Y consumers who did the same.

This is influencing the way they shop. Seven in 10 (70%) Gen Z consumers indicated that they are comfortable going to stores with self-checkout lines, and 70% of them are comfortable with biometric-authenticated payments.

As a whole, three in five Singaporean consumers have tried going fully cashless, the study found.
 
Amongst the reasons driving Singaporeans to go cashless is its greater speed and efficiency (47%), convenience (47%), and ease of tracking financial records (43%). 

Types of transactions that Singaporeans are most likely to go cashless include bill payments, with over 6 in 10 (62%) indicating this. Almost the same (59%) said that they will most likely go cashless for public transportation-related transactions, and for taxi and ridesharing payments (56%). 

Nearly three-quarters of Singapore consumers (74%) now use contactless cards, Visa found. Eighty-four percent of those who currently use the payment method use it at least once a week. Other digital payment methods that are widely used in the city include online card payments (81%), mobile contactless payments (49%), and swiping or inserting a card (48%).