As a nation with 149% mobile penetration rate, 186% wireless internet saturation rate, and an astonishing 96% of the population having a bank account, Singapore is well positioned to be at the forefront of payments innovations.
- Spurs continuous innovation in payments technology
- Gives consumers maximum convenience and confidence in making payments
- Enables firms to increase productivity through payments integrated with business processes
- Where swift, simple, and secure payments is a reality for everyone
In particular, the prevalence of 6,100-odd hawker centres in Singapore (6,100-odd) plays a huge role in this phenomenon (for those who might not know, hawker centres are open-air complexes that house many stalls selling a wide variety of affordably priced food). As hawker centres are primarily run on cash payments, both from consumer to hawker and hawker to supplier, cash naturally became part of the everyday lives of Singaporeans.