Take a guess which year this was written:
When asked which payment method they used most often, 43% of Singaporeans preferred cash, as compared to 3% who used mobile wallets, and 2% who used contactless payments.
If you’re anything like me, you’d be shocked to learn that this survey was conducted in 2017. That’s just 5 years ago!
And just a year before that in 2016, people were concerned with the security of e-wallets, with articles even claiming that “digital wallets are likely to end up becoming alternative players”.
This could not be more wrong today, as the future of payments is most definitely digital.
It was at that same time in 2017 that I first used the QR code to make my first PayNow payment buying a cuppa joe, and it seemed clear to me back then that physical cash would be a thing of the past....