Seah Kian Peng, CEO of FairPrice, with Peter Maher, Visa group country manager, Southeast Asia at a FairPrice store in Singapore
Customers in Singapore might soon be ditching cash for contactless payments such as Visa payWave.
According to Visa's payment data from December last year, 61 percent of face-to-face Visa transactions at NTUC FairPrice's stores across Singapore were conducted via Visa payWave. This accounts for half of all the Visa transactions made at supermarkets islandwide in the same month.
" The popularity of contactless payments at supermarkets signals that consumers here are comfortable with the technology and it demonstrates the viability of replacing notes and coins in traditional cash-based, high payment volume environments," said Ooi Huey Tyng, Visa country manager for Singapore and Brunei.
Visa believes that everyday-spend categories such as supermarkets and coffee shops hold the most potential for contactless payments to replace cash usage.
Sign up for CIO Asia eNewsletters.