Rise of contactless card payments in new normal

FROM telecommuting to dining out while adhering to social distancing measures, Singaporeans will find themselves faced with changes to their daily lives as we enter Phase Two of the "new normal".

Another interesting change in our new reality includes our drastic shift to a cashless society, catalysed by the Covid-19 pandemic. Research has cautioned that the hand-to-hand exchange of physical currency, and even mobile phones, can be possible vectors of infectious diseases. With the latter, researchers stated that mobile phones could be acting as "Trojan horses" for the coronavirus. It thus comes as no surprise that Singapore (along with Australia), make up 91 per cent of individuals in Asia-Pacific who cite cleanliness to account for their preference for contactless card payments.

The advancement of contactless payment technologies and recent government-driven incentives of up to S$250 million for retailers to adopt digital ordering systems and cashless payments will likely accelerate this transition as retailers and consumers strive to stem the spread of the virus while getting on with their daily lives.