'Singapore advancing towards cashless society'
Tengku Noor Shamsiah Tengku AbdullahPublished: Oct 1, 2013 10:52 AM | Updated: Oct 1, 2013 10:54 AM
Singapore is approaching the “tipping point” towards becoming a nearly cashless society, according to a new global report by MasterCard.
Singapore is approaching the “tipping point” towards becoming a nearly cashless society, according to a new global report by MasterCard.
The report said 69 percent of the value of consumer spend in Singapore was made through electronic payments - higher than the global average of 66 percent.
This puts Singapore in the top three in Asia, alongside well-known e-markets such as South Korea and Japan (70 percent and 62 percent respectively).
Australia topped the Asia Pacific region, with a score of 86 percent, indicating a “nearly cashless” market.
Mastercard’s ‘The Cashless Journey’ report tracks how 33 major economies are progressing from cash-based to cashless societies.
The report, produced by MasterCard Advisors, identifies new technologies, government programmes and consumer preferences as key factors that are driving this shift, creating more productive and inclusive economies.
Aimed at gauging the progress made by markets in achieving the benefits that come with a more cashless economy including more convenience for consumers, better efficiencies for governments and greater financial inclusion for society, the report also provides a roadmap for how countries can reap these benefits and accelerate the cashless journey.
MasterCard Singapore general manager Julienne Loh said: “Singapore is one of the mature markets in Asia for electronic payments and consumers here are already comfortable with using cards to make purchases.”
She said the challenge was in extending the acceptance and usage of cards in new categories that have been traditionally dominated by cash payments.
“To accelerate Singapore’s journey towards becoming truly cashless, understanding the benefits of speed, security and convenience of card payments for both consumers and merchants will be critical,” she added.
Of the US$63 trillion in total global consumer spend in 2011, 34 percent (US$21 trillion) was done with cash, with cashless payments accounting for 66 percent (US$42 trillion).
China, Malaysia, Taiwan and Thailand are in the middle of their transition to cashless, having created most of the requisite infrastructure to go cashless, but still with large pools of cash payments.
The fastest movement away from cash was seen in China, where cash share of the value of consumer payments is estimated to have declined by as much as 20 percent between 2009 and 2011.
India and Indonesia are just beginning their cashless journey.
- Bernama
The report said 69 percent of the value of consumer spend in Singapore was made through electronic payments - higher than the global average of 66 percent.
This puts Singapore in the top three in Asia, alongside well-known e-markets such as South Korea and Japan (70 percent and 62 percent respectively).
Australia topped the Asia Pacific region, with a score of 86 percent, indicating a “nearly cashless” market.
Mastercard’s ‘The Cashless Journey’ report tracks how 33 major economies are progressing from cash-based to cashless societies.
The report, produced by MasterCard Advisors, identifies new technologies, government programmes and consumer preferences as key factors that are driving this shift, creating more productive and inclusive economies.
Aimed at gauging the progress made by markets in achieving the benefits that come with a more cashless economy including more convenience for consumers, better efficiencies for governments and greater financial inclusion for society, the report also provides a roadmap for how countries can reap these benefits and accelerate the cashless journey.
MasterCard Singapore general manager Julienne Loh said: “Singapore is one of the mature markets in Asia for electronic payments and consumers here are already comfortable with using cards to make purchases.”
She said the challenge was in extending the acceptance and usage of cards in new categories that have been traditionally dominated by cash payments.
“To accelerate Singapore’s journey towards becoming truly cashless, understanding the benefits of speed, security and convenience of card payments for both consumers and merchants will be critical,” she added.
Of the US$63 trillion in total global consumer spend in 2011, 34 percent (US$21 trillion) was done with cash, with cashless payments accounting for 66 percent (US$42 trillion).
China, Malaysia, Taiwan and Thailand are in the middle of their transition to cashless, having created most of the requisite infrastructure to go cashless, but still with large pools of cash payments.
The fastest movement away from cash was seen in China, where cash share of the value of consumer payments is estimated to have declined by as much as 20 percent between 2009 and 2011.
India and Indonesia are just beginning their cashless journey.
- Bernama
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