All thanks to the contactless and credit card Singapore acceptance at widespread and mobile readiness high level leading Singapore to be a cashless society. Those who project into Singapore world will notice that it shows everywhere. It is because in Singapore every motorcycle and car driver need IU or in Vehicle Unit fitted with the windscreen or handlebars in order to pay ERP or Electronic Road Pricing Toll and access all EPS or Electronic Parking system on car parking. The charges of ERP and EPS should be paid electronically by inserting IU or Credit card or service registered credit card of driver to his IU.
People in Singapore likes paying with prepaid cash cards debit or credit cards. The major reason is acceptance of store value cards that has got double recently. The transaction account of Singapore is card based. While store value transaction cards are also popular, the money spent is small relatively compared to credit card. According to credit card global report, about 69% customers of Singapore had used electronic payment higher than average of 66% globally.Credit cards Singapore makes it top among other cashless countries Japan and Korea that make the place for ideal market for all those payment companies.
Today an average Singaporean hold 90% credit cards, it is all because aggressive marketing techniques of banks. Banks and credit card issuer offer some attractive benefits along with privileges to attract customers using credit card or debit card. Due to that more percentage of Singaporean have credit card than other Southeast Asian countries.
In Singapore people mostly use credit cards Singaporefor shopping. Every year non-cash payment is adding up in Singapore where the major contributor towards it is local banks, local consumer behavior, marketing strategies and initiatives of Singapore government for the spread of this payment technology.