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Technology, Business, Monthly Spotlight

Contactless on Track to Trump Cash in Singapore

In August, several government agencies jointly announced that 12,000 hawker stalls will be supplied with e-payment systems over the coming months.

Subsequently, it was announced that NETS has been appointed to unify the 20 different payment options in the e-payment landscape.

Singaporeans seem to be welcoming of the move towards a cashless society, with about three in four (72%) saying that they would be likely to switch to electronic payments if they were available at a coffee shop or hawker centre.

When it comes to payment preferences, the most popular choice was contactless payment by credit card or mobile phone (39%). Despite the willingness to use digital payment methods, cash ranked second (36%) as the most favoured payment mode. Contactless payment using QR codes (13%) and PayNow (11%) have gained less traction as popular modes of payment amongst Singaporeans.