Channel NewsAsia

Cash is still king in Asia

A recent study into consumer patterns has found that the swipe has yet to replace the 'cha-ching' when making payments whether it's in Singapore, Thailand,or the Philippines.

Singapore: When it comes to payments, it's not plastic but cash that wins the bill.

A recent study by Nielsen into what consumers watch and buy, has found that the swipe hasn't yet replaced the 'cha-ching' among 40 percent of Singapore consumers.

What the study reveals said Luca Griseri, Head of Financial Services, Nielsen Singapore and Malaysia is that companies have "opportunities to extend the usage of cash alternatives in Singapore, especially among consumers who rely more on cash payments."

As for those who choose card over cash, it was found that the preferred form of payment is the credit card, with some 14 per cent using debit cards and only two per cent relying on a prepaid card.

It was also revealed that consumers in Singapore often use more than three cards as compared to consumers in the other countries in Southeast Asia.

In the poll that involved more than 30,000 internet respondents in 60 countries, cash also reigned among consumers in other Southeast Asian countries.

The Philippines saw the highest users of cash at over 70 per cent, compared to Thailand, Vietnam, Malaysia and Indonesia where 50-60 per cent chose cash over card.

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