Card payments trump cash in Singapore

Over 9 in 10 of respondents in Visa’s latest study said they use cards to pay.

Card payments are now the most-used payment method in Singapore, according to the latest Consumer Payments Attitudes Study by Visa.

Of the 1,000 Singaporeans surveyed in October 2022, 97% said that they use card payments, compared to the 82% who indicated they use cash.

Contactless cards have emerged as a preferred payment method for Singaporeans, with four in five or 82% of consumers saying they use it. 

Notably, contactless cards have been found to be the preferred payment method for  convenience store purchases (54%), retail shopping (53%), supermarket purchases (52%), public transport (33%), as well as taxis and ride-sharing (28%).

ALSO READ: Visa names new chairman and regional president for APAC

For bill payments, online card payments remain the method of choice, with 35% or respondents indicating such.

In Visa, contactless payment penetration has crossed 95%, the payments network said. This equates to over 9 in 10 Visa transactions in Singapore– reportedly one of the highest in the world. 

Almost 9 in 10 use contactless payment methods once a week, and two in five or 41% use it at least four times a week.

Mobile contactless payments and QR code payments are also on the rise, with 52% and 48% of Singapore respondents saying they use this method of payment.

QR code payments are increasingly being used for retail shopping and convenience store purchases, the study said.