Singapore – With Singapore at the forefront of payment trends, the latest report by financial technology firm Adyen revealed that Singaporean shoppers exhibit higher comfort levels with smart technologies like self-checkouts and QR codes compared to shoppers on a global average.
In this report, it was observed that nearly half (47%) of the respondents were willing to use QR codes, compared to 27% globally. Over half of them are also utilising tap-to-pay on mobile devices, showing a notable contrast over those in the global scale.
Furthermore, a significant 51% of Singaporean consumers have used social media to make a purchase, in comparison to the 44% in other markets.
Nearly a third (31%) further stated that they do not carry a wallet, indicating a strong preference for smart technologies and social media over shoppers in other regions.
When it comes to emerging technologies, Singaporeans are notably more receptive, with a particular interest in innovations such as smart mirrors, which allow customers to virtually try and buy items, as well as shopping in the metaverse or through VR.
Moreover, Singaporean consumers are increasingly seeking seamless integration between offline and online retail experiences, along with personalised interactions with merchants.
In fact, over half (58%) of consumers express a preference for retailers that allow them to purchase online and return items in-store, while 53% prefer retailers that enable them to begin shopping in-store and complete their purchases online.
Following these expectations, a significant 69% of Singaporean shoppers express a desire for more personalised discounts at their favourite stores, showing consumers are starting to demand more from retailers.
Talking about the findings of the report, Warren Hayashi, president at Adyen Asia-Pacific, said, “Consumers want an ‘endless aisle’ experience where they can come to a physical store when they want to with the comfort of knowing they can get what they want even if it’s not in store.”
“This survey demonstrates that the payment landscape is evolving quickly globally and in Southeast Asia. Businesses that can keep up with consumer expectations—for more personalised shopping experiences, seamless online or offline interactions, or convenience in paying securely and easily with a preferred payment method—are reaping the rewards with top-line revenue growth,” added Warren.
Meanwhile, around 62% of surveyed Singaporean businesses are also contemplating switching payment providers to find ones that can provide better fraud defence mechanisms.
These businesses are turning to new technologies to combat fraud, with 1 in 5 now utilising network tokenization. This technology replaces sensitive payment information with a token, ensuring smooth payments while boosting security.
