Singaporeans are ready to make mobile payments when various services such as Apple Pay, Samsung Pay, and Android Pay roll out in Singapore, according to Visa.
"The payments landscape in Singapore has undergone tremendous changes and consumers here are preferring alternative payment methods over cash. This embrace of contactless payments is paving the way for new payments innovation such as mobile wallets. More importantly, the infrastructure for mobile payments is the same as contactless payments. Hence, given that Singapore is already well placed in terms of the contactless payment terminals, we believe that Singapore is ready to embrace mobile payments when they are introduced in Singapore," said Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
Singapore made more than 4 million Visa payWave transactions a month, with more than one in three Singaporeans using Visa payWave for face-to-face transactions. The penetration of contactless payments is higher in supermarkets where more than half of the cashless transactions for Visa are contactless.
According to the 2015 Consumer Payment Attitudes survey of Visa, more than half (58 percent) of Singapore consumers would prefer making in-store purchases with mobile wallets rather than cash. Respondents cited faster transactions (71 percent), ease of use (55 percent) and no need to have cash on hand (47 percent) as the top reasons for picking mobile payment over cash.
In essence, the high penetration rate of smartphones in Singapore facilitated the shift to mobile payments.
"Mobile devices are ubiquitous in Singapore, and for many consumers, they are very familiar with using their smart mobile devices for a number of everyday functions, including making taxi bookings, ordering food and shopping. As smart mobile devices increasingly become an integral part of our daily lives, replacing wallets full of cash with a fast, convenient and secure mobile device will continue to grow in popularity," Tyng said.
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