In Singapore, a rising majority of persons are choosing cashless fee methods, with the country’s adoption price of such payments being the best in Southeast Asia at 97%. This trend has been accelerated by the Covid-19 pandemic and an ongoing nationwide drive for a less-cash society.
Digital wallets are expected to overtake bank cards as the most popular online payment methodology in Singapore by 2026, based on a 2023 Global Payments report by financial expertise firm FIS.
However, not everyone appears to be embracing the convenience of cashless payments, with the aged in particular preferring to handle money. Under wraps about scams and the complexity of digital payment strategies have hindered adoption amongst this demographic. Recent service disruptions have additionally raised questions concerning the reliability of e-payments and the inconvenience they create when providers are down.
Business and expertise experts suggest that having multiple cost choices available is a technique to make sure the resilience of the e-payment panorama. In the face of service disruptions and the rise of scams, some specialists now see the advantages of having quite lots of fee methods.
Education for customers, including financial literacy and understanding e-payment technologies, is also crucial in serving to users turn out to be more tech-savvy and alert to potential scams..