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bishalnb ( Date: 29-Jun-2020 09:35) Posted:
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Saw this article on E payments very encouraging..
https://sbr.com.sg/financial-services/news/singaporeans-slash-cash-use-67
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, having cash usage in the island having 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.
look@bright ( Date: 30-Apr-2020 14:19) Posted:
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Mastercard: COVID-19 Accelerating Adoption of Contactless Payments in Asia Pacific
by Fintechnews Singapore April 30, 2020During February and March, as many countries imposed or strengthened social distancing measures due to COVID-19, a significant majority of consumers turned to contactless card payments for necessary purchases. Citing safety and cleanliness, 79 percent of people worldwide and 91 percent in Asia Pacific say they are now using tap-and-go payments.
Consumer polling by Mastercard, studying changing consumer behaviors in 19 countries around the world, paints a picture of accelerated and sustained contactless adoption.
The act of going to the store for eggs, toilet paper, medicine and other necessities has changed dramatically this year. Shoppers have had to adjust to new challenges when buying everyday supplies &ndash a shift in behavior that is particularly clear at checkout as people express a desire for contactless cards and voice concerns over cleanliness and safety at the point of sale.
The survey also shows that 75% of those from Asia Pacific said that they will continue to use contactless payments even after the pandemic is over, indicating that this a permanent shift in user behaviour.
Sandeep Malhotra
&ldquo Mastercard&rsquo s survey shows a clear shift to contactless &ndash especially in Asia Pacific &ndash as COVID-19 changes the payments landscape and the way people shop now and in the future,&rdquo
said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard.
&ldquo The fact that 3 in 4 people intend to keep using tap-and-go after the pandemic is a strong sign that consumers see the long-term benefits of having a safer, cleaner way to pay, checking out faster and being more socially responsible.&rdquo
Contactless Tipping Point
Now, as consumers increasingly seek ways to get in and out of stores quickly without touching payment terminals, Mastercard data reveals more than 40 percent growth in contactless transactions globally in the first quarter of 2020. More than 80 percent of contactless transactions are under US$25, a range typically dominated by cash.
While countries worldwide are at different stages of contactless card deployment and usage for daily shopping, Mastercard&rsquo s insights on trends at grocery stores and pharmacies &ndash where many day-to-day essentials are being purchased &ndash showed nearly all regions experienced significant spikes in February and March.
Reinforcing changing behaviors and consumer checkout preferences, Mastercard saw the number of tap-and-go card payments at grocery stores and pharmacies grow twice as fast as non-contactless transactions globally and 2.5 times faster in Asia Pacific.
Source: https://fintechnews.sg/40072/mobilepayments/mastercard-covid-19-accelerating-adoption-of-contactless-payments-in-asia-pacific/