Singaporeans conducted more than one million Visa payWave contactless transactions1 in August 2013, making Singapore the fastest growing country in the world for Visa payWave uptake.
Ooi Huey Tyng, Visa Country Manager, Singapore and Brunei, believes this growth is the result of increased acceptance by retailers, spurred by the addition of new merchants in the "everyday" segment, such as cafes, cinemas, fast food chains, pharmacies and convenience stories, as well as increased consumer acceptance.
"It's great to see Singaporeans are embracing Visa payWave as a fast and more convenient way to pay. By surpassing the 1 million Visa payWave monthly transaction mark there is no denying that Singapore is a country where contactless payments are taking off. We share this success with our banking and retail partners who have worked hard to increase issuance and acceptance of Visa payWave across Singapore," said Ooi.
Contactless payment momentum has been greatly supported by major supermarket chains in Singapore and this has increased Visa payWave acceptance across the island. Cold Storage, Market Place, Giant and, most recently, NTUC FairPrice have also adopted Visa payWave as a payment option.
There are now more than 1.5 million Visa payWave cards2 issued in Singapore, an increase of half a million cards since the beginning of the year. Locally, cardholders can choose from 17 Visa payWave cards issued by banks in Singapore, and the number is expected to reach 25 by the end of the year.
Clara Cheo, CEO of Golden Village, said, "Since introducing Visa payWave in our Golden Village locations, we've seen speedier and shorter transaction times during peak periods. Fumbling with cash and coins is being replaced by the ease of contactless payments, and we are happy to offer this service and convenience to our customers."
Consumers in Singapore have readily gone cashless3, and according to Visa findings, the perception towards using contactless payments is positive. In August 2013, Visa payWave represented 14% of all domestic face-to-face transactions.
"With strong support from the industry, the increase in the number of Visa payWave cards issued and acceptance points has provided consumers in Singapore with a more convenient payment option than cash. This upward trend will continue to gain momentum as we expand Visa payWave acceptance among small ticket merchants like food courts, fast food chains and cafes," added Ooi.
Visa payWave transactions are as secure as any other Visa chip card transactions and carry the same multiple layers of security. In addition, with Visa payWave, the card never leaves your hand, which reduces the risk of fraud.
With the increasing prominence of contactless payments, Visa continues to maintain its industry-leading position by being at the forefront of new technological advances in the payment industry. To ensure their strong position in the industry, Visa has also made inroads into the evolving world of payments via Mobile NFC. Visa's recent tie-ups with SingTel mCash and the Citibank Quick Pay Tag (NFC stickers) are paving the way for the next generation of payment methods in Singapore.