How many days will you go cashless in Singapore? That’s a question the 2017 Visa Consumer Payment Attitudes survey will answer. According to the survey 7 in 10 say they can go without cash for an entire day and almost half say they can go cashless for up to three days.
Going cashless is made possible through electronic payments. 85% prefer this mode of payment over cash. Singapore has the highest preference for electronic payments in Southeast Asia, with Indonesia at 83%, Vietnam at 77% and Malaysia at 71%. Singaporeans see cashless as a faster and more convenient way to pay. 74% say they do not use cash at point-of-sales as they do not like to hold up the queue at checkout counters. A third of Singaporeans are carrying less cash with them as compared to a year ago due to increased payment card usage at 66% and contactless payments at 55%.
Singapore has one of the highest electronic payments penetration in the region even though there are small pockets of traditionally cash-based segments here.
