, Singapore
256 views
Photo by Tima Miroshnichenko via Pexels.

Card payments trump cash in Singapore

Over 9 in 10 of respondents in Visa’s latest study said they use cards to pay.

Card payments are now the most-used payment method in Singapore, according to the latest Consumer Payments Attitudes Study by Visa.

Of the 1,000 Singaporeans surveyed in October 2022, 97% said that they use card payments, compared to the 82% who indicated they use cash.

Contactless cards have emerged as a preferred payment method for Singaporeans, with four in five or 82% of consumers saying they use it. 

Notably, contactless cards have been found to be the preferred payment method for  convenience store purchases (54%), retail shopping (53%), supermarket purchases (52%), public transport (33%), as well as taxis and ride-sharing (28%).

ALSO READ: Visa names new chairman and regional president for APAC

For bill payments, online card payments remain the method of choice, with 35% or respondents indicating such.

In Visa, contactless payment penetration has crossed 95%, the payments network said. This equates to over 9 in 10 Visa transactions in Singapore– reportedly one of the highest in the world. 

Almost 9 in 10 use contactless payment methods once a week, and two in five or 41% use it at least four times a week.

Mobile contactless payments and QR code payments are also on the rise, with 52% and 48% of Singapore respondents saying they use this method of payment.

QR code payments are increasingly being used for retail shopping and convenience store purchases, the study said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!