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Mobile payments adoption on the rise in Singapore: Visa

Nurdianah Md Nur | May 26, 2016
Nearly eight in 10 consumers are likely to use mobile wallets for in-store payments.

Singaporeans are getting more comfortable with mobile payments, revealed Visa's new study.

According to the study, 79 percent of the 1,000 Singaporeans polled said that they are likely to pay for goods and services in brick-and-mortar stores using their mobile phones over cash and physical cards.  

Nearly half the survey respondents (45 per cent) said that they are likely to use their mobile wallets at supermarkets, followed by fast food restaurants (35 per cent) and transportation (31 per cent).

On the other hand, quick-service restaurants (12 per cent) and sit-down restaurants (14 per cent) show great potential as acceptance points for mobile payments.

Visa also found strong growth in contactless payment, with more than "one in three Singaporeans using Visa payWave to make in-store purchases," said Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.

She added that this growth is fuelled by the increased convenience and security of mobile payments as compared to traditional modes of payment.

According to the survey, reasons cited for not paying using cash for in-store purchases include hassle of carrying notes and coins (34 percent) and "having to count cash" and "having to wait for others to count cash" (22 percent)

In terms of security, Visa's contactless payment modes are secured through the Visa Token Service, which replaces cardholder information - such as account numbers and expiration dates - with a unique digital identifier (ie. a token) that can be used for payment without exposing a cardholder's more sensitive account information.

"This positive consumer sentiment towards mobile payments, coupled with the increased adoption of contactless payments, will drive mobile transactions to an unprecedented level ...and bring Singapore a step closer to being a cashless society," said Tyng

 

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