One million payWave cards now in Singapore

Singapore

Visa’s payWave contactless technology has reached its one million Visa payWave-enabled payment card in Singapore, issued since their introduction into the market there in 2007. 

When paired with the government’s ongoing support of contactless infrastructure, Visa says that this announcement marks a tipping point for contactless payments taking off in the country and continued adoption of cashless payment options. Visa payWave transaction volumes in Singapore are growing dramatically with an increase of 148% from 2011 to 2012[1]. Transaction values on Visa payWave cards are also skyrocketing with a year to year growth of 133%1. In comparison, the total number of Visa payWave cards in Singapore increased by nearly 50% (Dec. 2012 vs. Dec. 2011)[2].

“Accepting Visa payWave has helped us reduce our check-out times, which means busy customers are not spending so much time in line, enabling us to provide a more streamlined and enjoyable customer experience,” said Mr. Lim Hock Chee, CEO of Sheng Siong Group. “With the peace of mind that comes with Visa’s security features, and the greater speed and convenience of contactless transactions, we can see why contactless payments is taking off here in Singapore.”

According to Visa research on contactless payments, consumer reaction to using contactless payment has been overwhelmingly positive, and Visa payWave continues to gain traction and acceptance in Singapore as new merchants come on board. For merchants who accept Visa payWave, the payment technology offers a faster way to settle payments without the hassle of cash management.

“Today’s milestone shows that more cardholders, merchants and financial institutions in Singapore are embracing the concept of a truly cashless society. The number of Visa payWave-enabled cards issued here has now reached critical mass, making contactless payment cards a part of Singaporean cardholders’ lives for everyday transactions,” said Ms. Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei. “With more than one million Visa payWave cards issued in Singapore, this is a testament to Singapore’s progress towards greater efficiencies and eagerness to adopt new ways to pay and electronic payments innovation. Visa will continue to build momentum for contactless payments by working with bank partners and merchants to offer special Visa payWave promotions for cardholders and, ultimately, driving greater acceptance for Visa payWave in Singapore. With that in mind, we expect Visa payWave transactions to account for 10% of all face-to-face Visa card transactions in Singapore this year,” she added.

Visa payWave is currently accepted at many of Singapore’s leading retailers and F&B outlets including Sheng Siong, Watson’s, Cold Storage, Market Place, Giant, Shop N Save, Guardian Pharmacy, Starbucks, Coffee Bean and Burger King. Around the region, more than one million Visa payWave cards have been issued in Hong Kong (as of June 2012), and in Taiwan, financial institutions reported 5.6 million credit cards on issue are enabled with Visa payWave (as of Sept. 2012).

  1. Source: VisaNet Data (Dec. 2012 compared to Dec. 2011)
  2. Visa payWave quarterly reporting

 

 

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