![]() ![]() Singapore’s adoption rate of cashless payments is the highest in Southeast Asia at 97 per cent, based on payment methods at Singapore retail points-of-sale in 2022, according to a 2023 survey published by German statistics company Statista.Ĭashless payment types consist of credit and debit cards, as well as electronic wallets, such as Apple Pay and Samsung Pay, which allow users to store their credit card details. Many users also use cashless platforms to transfer money to other individuals, such as friends or family members. ![]() With e-payments taking off here in recent years - amid the Covid-19 pandemic and an ongoing national drive for a less-cash society - these users are part of a growing majority who opt for using their cards or phones to pay for goods and services. “Since there is a digital record of all my transactions, it makes it very convenient to note down my spending habits,” said 26-year-old April Liew, who works in the advertising industry. I don’t like having to take out my wallet, pull out my cash and count, the process is so long,” said the interior designer.įor others, paying electronically also makes it easier to track their expenses. “I think it’s very convenient because you just tap (the watch on the payment terminal) and go. Ms Renny Tan, 23, also pays for her food and other purchases through cashless means, preferring to use her smartwatch, which contains her credit card details, most of the time. With most places she frequents accepting contactless payments, Ms Pang does not see the need to carry any notes or coins at all. “I don’t even remember when was the last time I withdrew cash to spend,” said the 26-year-old public servant. SINGAPORE - On most days, Ms Pang Shi Jia leaves her home with only her phone and card holder, which contains two bank cards. ![]()
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