Singapore leads Southeast Asia with 97% cashless payment adoption rate

In Singapore, a growing majority of people are opting for cashless payment methods, with the country’s adoption rate of such payments being the highest in Southeast Asia at 97%. This trend has been accelerated by the Covid-19 pandemic and an ongoing national drive for a less-cash society.

Digital wallets are expected to overtake credit cards as the most popular online payment method in Singapore by 2026, according to a 2023 Global Payments report by financial technology company FIS.

However, not everyone is embracing the convenience of cashless payments, with the elderly in particular preferring to handle cash. Concerns about scams and the complexity of electronic payment methods have hindered adoption among this demographic. Recent service disruptions have also raised questions about the reliability of e-payments and the inconvenience they create…