Singaporeans slash cash use by 67%

Contactless cards are now the preferred method in the Lion City.

More Singaporeans are saying goodbye to cold hard cash in favor of plastic cards and intangible payment methods, with cash usage in the island rising by 67% in April, according to a Mastercard study.

Malaysia and the Philippines follow suit at 64%, whilst Thailand is not that far behind at 59%.

In terms of payment methods, there has been a 31% uptick in contactless card usage in the Lion City, whilst mobile and digital payment wallets were the preferred methods in Malaysia, the Philippines and Thailand.

There has also been a rise in online shopping in the region, with 40% reporting that they relied more on home delivery services in April than in March. Nearly half of respondents from Singapore, Malaysia, and Thailand reported an increase in their online shopping during the same period.

The coronavirus has spurred the drive in the digital economy in the region, as more than 5 in 10 (55%) Singaporeans remain cautious about being infected. More than half (65%) have also put off big purchases due to market uncertainty, higher than the APAC average of 59%, but lower than the Philippines (80%), Malaysia (75%), and Thailand (74%).

Photo courtesy of Pexels.com.

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