Four in five small and micro businesses (SMBs) in Singapore expect consumers to still prefer contactless payment even if a COVID-19 vaccine is widely available, according to the Visa Back to Business Study.
The findings showed that in the past three months, 91% of SMBs in Singapore have adjusted the way they operate their businesses compared to the global average of 82%.
This response may be how SMBs adapted to what Singaporeans want as nearly seven in 10 (69%) consumers in Singapore have used contactless payments whenever possible in the past three months, making it a priority for retailers.
Additionally, 61% of Singaporeans choose to shop online whenever possible compared to the global average of 52%. Only 6% had say that they would revert back to old methods of payment when a vaccine is widely available.