More than 1 in 3 Singaporeans use mobile wallets in face-to-face transactions: Visa

Faster transactions, ease of use are top considerations.

Singapore is currently one of the leading markets in the world for contactless payments, as more than 4 million Visa payWave transactions made in a month, according to data from Visa.

Visa reports that more than 1 in 3 Singaporeans use Visa payWave for face-to-face transactions. Further, the penetration is higher in supermarkets, where more than half the cashless transactions for Visa are contactless.

In addition, Visa’s 2015 Consumer Payment Attitudes Survey reveals that almost 6 in 10 (58%) of Singapore consumers would prefer making in-store purchases with mobile wallets like Samsung Pay, Apple Pay and Android Pay, rather than cash.

Moreover, respondents cited faster transactions (71%), ease of use (55%), and no need to have cash on hand (47%) as the main reasons for choosing contactless payment options over cash.