Singapore is the fastest growing country in the world for Visa payWave uptake: Visa

A customer using the Visa PayWave, a cashless form of payment at NTUC FairPrice. Singaporeans made more than one million transactions in August using Visa payWave, a technology which allows people to pay for goods by waving it over a contactless read
A customer using the Visa PayWave, a cashless form of payment at NTUC FairPrice. Singaporeans made more than one million transactions in August using Visa payWave, a technology which allows people to pay for goods by waving it over a contactless reader. -- FILE PHOTO: NTUC FAIRPRICE

Singaporeans made more than one million transactions in August using Visa payWave, a technology which allows people to pay for goods by waving it over a contactless reader. This represented 14 per cent of all domestic face-to-face transactions that month, and makes Singapore the fastest growing market in the world for this mode of payment.

The number of Visa payWave cards issued in Singapore has increased by 500,000 since the beginning of this year to 1.5 million. Cardholders may choose from 17 cards and the number is expected to reach 25 by the end of the year.

Visa country manager for Singapore and Brunei, Ms Ooi Huey Tyng, said in a press release on Monday that the growth is the result of increased acceptance by major retailers including supermarket chains and consumers.

Golden Village's chief executive Clara Cheo said the cinemas have seen speedier and shorter transaction times during peak period with the use of the technology. "Fumbling with cash and coins is being replaced by the ease of contactless payments, and we are happy to offer this service and convenience to our customers," she said.