Business Traveller (India) - - UPFRONT -

CASH­LESS PAY­MENTS ARE in­creas­ingly be­com­ing the sys­tem of choice for Sin­ga­pore­ans, with the ma­jor­ity say­ing they be­lieved the coun­try could be­come a cash­less so­ci­ety within seven years, ac­cord­ing to nd­ings from the 2017 Visa Con­sumer Pay­ment At­ti­tudes sur­vey.

Some 41 per cent of re­spon­dents said they could see it tak­ing between four and seven years for Sin­ga­pore to be­come en­tirely cash­less, while 20 per cent said it could take less than three. About 21 per cent were less op­ti­mistic, how­ever, say­ing they be­lieved it would take between eight and 15 years.

e re­sponse is in­dica­tive of a signi cant de­gree of con dence in cash­less pay­ment sys­tems among Sin­ga­pore­ans, with 85 per cent pre­fer­ring elec­tronic pay­ments over cash – more than any other coun­try in South­east Asia. is is com­pared to 83 per cent in In­done­sia, 77 per cent in Viet­nam and 71 per cent in Malaysia.

In Sin­ga­pore, seven in 10 peo­ple (68 per cent) said they could go with­out us­ing cash for at least an en­tire day, while 42 per cent said they could go cash­less for up to three days. is has largely been driven by the avail­abil­ity of con­tact­less pay­ment op­tions and in­creas­ing card us­age.

“Sin­ga­pore has one of the high­est elec­tronic pay­ments pen­e­tra­tion in the re­gion,” said Ku­nal Chat­ter­jee, Visa coun­try man­ager for Sin­ga­pore and Brunei.

“ere is wide ac­cep­tance in most of the ma­jor mer­chant cat­e­gories, al­though there are small pock­ets of tra­di­tion­ally cash­based seg­ments in Sin­ga­pore. We be­lieve that we are on the right track and it is im­por­tant to help more consumers and mer­chants un­der­stand and em­brace the bene ts of elec­tronic pay­ments as we con­tinue to em­bark on the smart na­tion journey.”

Ac­cord­ing to the sur­vey, about a third of peo­ple in Sin­ga­pore carry less cash with them now than they did a year ago.

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