Two in three Singaporeans have adopted mobile payments, according to recent research into consumer payment attitudes commissioned by Visa.
The survey was conducted by Toluna on 500 Singaporeans to assess their attitudes toward cash and card usage, mobile banking, contactless payments and online shopping.
According to the survey, on-demand services are accelerating the growth of mobile payments, with close to two-thirds of respondents using such services. Such services include on-demand transportation, meal and groceries delivery.
Seventy-one percent of respondents cited convenience and efficiency as the top benefits for using such services while 35% of them stated that they enjoy shopping in the comfort of their own home.
Expectations of such services have also shifted in response to higher adoption. According to the survey, a majority of the respondents expect their transportation (e.g. taxi or a car) to arrive within 10 minutes from the time they book the service, meal deliveries to arrive within 30 minutes upon ordering, and groceries to be delivered within 45 minutes.
Peer-to-peer payments
Singaporeans are also starting to embrace peer-to-peer (P2P) payments. The survey showed that seven in 10 respondents are aware of such options and one in four respondents are already using P2P services to split a bill after a meal. Benefits of using peer-to-peer payments were fuelled by merchant awareness and convenience.
“Increased connectivity, coupled with the wider payment methods and form factors have transformed consumers’ experience in every aspect including payment. Based on VisaNet data, seven in 10 Visa cardholders are already making device-initiated payments and more than one in five Visa cardholders are active using in-app payments, fuelled by use of transportation booking apps,” Visa Country Manager for Singapore and Brunei Ooi Huey Tyng said.
“The payment experience is becoming invisible and we believe this trend will continue with the introduction of more innovative players and services.”
First published in FinTech Innovation