SINGAPORE: In a digital era where smartphones and communication devices reign supreme, cash is slowly becoming a relic of the past for many Singaporeans.
According to a recent survey by European payment company Adyen, over 30% of Singaporeans no longer carry cash with them, opting for mobile payment methods.
However, the survey’s findings highlight an alarming increase in associated risks associated with the rapid adoption of digital technology.
The survey, conducted among over 10,000 companies and 30,000 consumers across 26 countries, including Singapore, reveals a shifting landscape in payment preferences and the challenges businesses face in safeguarding against fraud.
More than half of the local companies surveyed reported a surge in cases of attempted fraud over the past year, signalling a growing concern for security in the digital payment ecosystem.
Singapore emerges as a global leader in smart payments. An impressive 47% of its population is willing to embrace QR code payments, surpassing the global average of 27%.
Additionally, over half of Singaporeans utilise contactless payment systems via mobile devices, a significant leap from the global average of 25%.
As Singaporeans increasingly favour digital payment methods, businesses adapt to meet consumer demands.
The survey reveals that over 20% of local merchants now offer electronic wallet payment options, reflecting a concerted effort to accommodate customers’ evolving preferences.
The findings underscore the urgent need for robust security measures to mitigate the risks associated with the digital payment landscape.
With the proliferation of mobile transactions, companies must prioritize investment in advanced fraud detection and prevention technologies to safeguard consumer data and financial assets.
As Singapore continues to lead the global charge in smart payments, ensuring the integrity and security of its digital infrastructure remains paramount in fostering trust and confidence among consumers and businesses alike.