Shoppers in Singapore are not ready to go cashless just yet, despite great strides having been made in recent years on digital payment methods, according to new study.
As regional newspaper The Straits Times reports, Singapore is the leader in Asia in contactless-card ownership, but researchers from analysts RFi Group, which conducted the survey, suggest shoppers are not prepared to make the next step up the digital ladder through fear that personal budgeting will suffer.
Over half (54%) of the Singapore respondents in the study stated that they own a debit or credit card with the contactless payment function – 45% of whom have made a purchase with it.
However, that is where many seem to have drawn the line, with only 19% saying they are open to trying new types of payments.
Meanwhile, 65% said they still prefer to use cash for low-value purchases such as a cup of coffee, which gives some indication as to why only 38% stated that they could imagine a cashless society.
Gerald Ferguson, general manager of RFi Group in Asia, speculated that the apparent resistance might be down to concern from people that they would quickly lose track of their spending if they were to fully adopt smarter payment options.
He claims that such apprehension is unnecessary, however: "The reality is that through digital means, you've got a greater track of what you're spending.
"You can go online and it's updated real time, so you know how much you spent and where you actually spent it."
Findings from the study, which saw some 2,000 Singaporeans quizzed, might prove reason enough for digital payment firms to seek ways in which they can make budgeting for consumers even more pronounced.
Will Singapore go cashless when they are more comfortable with the contactless system, or will it take the invention of a program that automatically notifies you when a certain amount has been spent to give people back some of that real time insight and control?