Tap and go. Contactless option VisapayWave did extremely well in Singapore last month, having processed more than two million transactions in July 2014.
According to an official statement, that represents more than one out of every five (21.5 per cent) Visa face-to-face transactions in the same period.
Ooi Huey Tyng, Country Manager, Singapore and Brunei, Visa, said that “consumers are making real strides towards creating a cashless society.”
Additionally, Visa payWave represents 38.5 per cent of all Visa face-to-face transactions in the city-state matching S$30 (US$23.99) or below. For the record, the transaction limit is capped at S$100 (US$79).
These findings were gathered in a Visa Consumer Payment Attitudes Study 2014, which was conducted by BlackBox Research on behalf of Visa. The survey tracked 500 respondents in each of these four markets: Singapore, Malaysia, the Philippines and Thailand, and was carried out with representative quotas of gender and age in mind.
According to the study, 60 per cent of Singaporean Visa cardholders prefer to shop at stores that offer contactless payments. Across Southeast Asia, seven in 10 respondents stated that they would prefer shops that offer contactless payment options.
“In Singapore, contactless payments and ‘going cashless’ are becoming a part of everyday life, as more consumers and retailers realise that contactless brings greater convenience and speedier checkouts for busy people on the go,” added Ooi.
Across the four markets, Visa cardholders have cited faster transactions (47 per cent) as the top reason for using contactless payments.
Visa also noted that Singapore is leading the region in contactless payments adoption. However, neighbouring countries are catching up fast. Thailand, for example, has a monthly Visa payWave transaction growth of 68 per cent. The Philippines and Malaysia are not doing too bad either, with a monthly Visa payWave transaction growth of 26 per cent and 21 per cent respectively.