A study carried out by UnionPay International and Nielsen, reveals that only 42% of Singaporeans believe that their country will go cashless in the near future. Moreover, only two in five respondents feel confident about the perspective of a non-cash world, and that figure drops even further among baby boomers (31%).
Barriers to mobile payment adoption remain: the number of merchants is limited, one-time passwords are required for its use (OTP) and cash continues to be more popular for the low value purchases. But for those that already use mobile payments, 66% of 400 respondents stated that they would recommend it in their social circles and 64% would be willing to teach others on how to use such applications.
Indeed, cash maintains a leading position in Singapore where 94% of respondents admitted to using it in the past three months, compared to 62% that used debit cards and only 43% mobile payments. The factors preventing citizens from adopting QR code payments are the complexity of use, limited acceptance and unfamiliarity with the payment method.
Cash remains the most accessible and acceptable mode of payments in the country.