Real-time payment trumps cash, credit in payment method in Singapore 

Real time payment methods such as PayNow, DBS PayLah, and OCBC Pay Anyone has risen in popularity.

Real-time payments are gaining popularity amongst Singaporean consumers as two-thirds (64%) chose real-time payment methods over cash or credit cards.

According to a research by ACI Worldwide and YouGov, only 59% chose to pay with credit cards and 51% with cash compared to those who used real-time payment methods such as PayNow, DBS PayLah, OCBC Pay Anyone, UOB Mighty, and FAST as a preferred way to pay in 2021.

Almost three in ten (29%) consumers in Singapore have reduced their usage of traditional payment methods such as cash, credit cards, and debit cards since the onset of COVID-19. As a result, more than half (54%) are now using real-time payments more frequently than they were prior to the pandemic.

“This fundamental shift in consumer demand and payment expectations sets forth a challenge for Southeast Asia’s banks, financial institutions, and merchants. These organisations can ill-afford to put their modernisation projects on hold, despite the challenges caused by COVID-19," said Leslie Choo, managing director of ACI Worldwide Asia.

"On the contrary, they can drive growth by joining the region’s emerging real-time payments ecosystem, which will improve their ability to innovate and transform while reducing the cost of infrastructure and operations,” Choo added.