Singapore ripe for mobile wallets and payments: Visa
By Digital News Asia April 28, 2016
- 58% of Singapore consumers prefer making in-store purchases with m-wallets
- M-payments can be used at all terminals where Visa payWave is accepted
SINGAPOREANS are ready to make payments via their mobile phones as they await various channels such as Apple Pay (pic above), Samsung Pay and AndroidPay to roll out in the Lion City, according to Visa.
Visa’s 2015 Consumer Payment Attitudes Survey showed that 58% of Singapore consumers would prefer making in-store purchases with mobile wallets such as Samsung Pay, Apple Pay and Android Pay, rather than cash.
Survey respondents cited faster transactions (71%), ease of use (55%) and no need to have cash on hand (47%) as the top reasons for preferring payment with mobile devices over cash, the company said in a statement.
The high smartphone penetration in Singapore has also facilitated the move to mobile payments, it added.
Against this background, and with the introduction of new payments technology designed to amplify mobile shopping security such as tokenisation, Visa said it expects fewer barriers to uptake when mobile payments are launched in the market.
“Mobile devices are ubiquitous in Singapore, and for many consumers, they are very familiar with using their smart mobile devices for a number of everyday functions, including making taxi bookings, ordering food and shopping,” said Ooi Huey Tyng, Visa country manager for Singapore and Brunei.
“As smart mobile devices increasingly become an integral part of our daily lives, replacing wallets full of cash with a fast, convenient and secure mobile device will continue to grow in popularity,” she added.
Security via Visa tokenisation
Mobile payments such as Apple Pay and Samsung Pay can be used at all terminals where Visa payWave is accepted and the technology behind it is supported by Visa Token Service, the payments company said.
Visa Token Service replaces sensitive payment account information such as the 16-digit account number, expiration date and security code, with a unique digital identifier or ‘token’ that can be used to process payments without exposing actual account details.
“Consumers and merchants will choose the platform which can provide a safe, simple, easy, and reliable way to pay and be paid,” said Matt Dill, head of Innovation & Strategic Partnerships at Visa.
“As with security and convenience, payments veterans and regulators used to hold the belief that speed and security are on the opposite ends of the spectrum, but mobile payments have proven them wrong.
“Combining Visa’s expertise in payment technology with the leadership of various mobile payment providers in creating innovative mobile experiences gives more choice to financial institutions which want to enable their customers to pay with the new generation of mobile devices,” he claimed.
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