Almost 90 per cent of consumers in Singapore currently consider cashless payment methods including cards, mobile wallets and mobile banking to be the most eco-friendly options; according to the most recent edition of the ‘Visa Consumer Payment Attitudes Study’.
The Visa study also highlights the increased importance consumers in Singapore are placing on sustainability, environmental values and societal causes. Thirty-three per cent of them are already actively taking steps, while 41 per cent are planning to take steps to expand their knowledge of responsible consumption.
Sixty-one per cent want physical cards made from sustainable materials, while 45 per cent of Singapore consumers are willing to donate some part of their loyalty rewards points, accrued through the usage of their credit cards or other similar services, to sustainability causes.
Regarding environmental causes, consumers were most interested in organisations involved in climate change (43 per cent), sustainability (38 per cent) and waste management (34 per cent). As for societal causes, they are most likely to put their loyalty points towards efforts that support food for all (30 per cent), disaster recovery (22 per cent) and public health (20 per cent).
Meanwhile, 53 per cent of consumers in Singapore are also keen on receiving on-demand tips and education on sustainable consumption through apps that they use provided by financial service providers and their banks.
The study highlighted that sustainability, environmental values and societal causes are influencing consumers’ support for certain brands. More than a third of Singaporeans (34 per cent) are willing to switch to brands that focus more on sustainability, as long as the price and quality remain the same.
‘Consumers in Singapore becoming more interested in sustainability’
Post-Covid, consumers have also developed new behaviours. Fifty-two per cent of Singaporeans revealed they now avoid making cash payments. Close to 40 per cent also highlighted that they are likely to spend most on groceries and personal care items in the next year compared to other categories.
Nearly seven in 10 Singaporeans have started setting aside more household savings for essential goods as a result of the pandemic. Based on the study, 60 per cent of Singaporeans are also saving money for the future and tracking their expenses closely every month.
Adeline Kim, Visa country manager for Singapore and Brunei
Adeline Kim, Visa country manager for Singapore and Brunei, discussed the findings: “For many years now, ESG has been a key focus for corporations globally, but we are seeing more consumers in Singapore becoming more interested in sustainability.
“From supporting low carbon urban mobility to helping banks develop their sustainability approach, payments networks have an opportunity to play a crucial role in facilitating the transition to net zero. As the network works for everyone, Visa is well-positioned to meet consumers’ needs and demands for greater transparency and understanding of their environmental impact.
“For example, Visa launched our ‘Eco Benefits’ solution last year where we work with our issuing banks to enable cardholders to calculate the carbon footprint generated by their Visa transactions, and access options for carbon offsetting or charitable donations through their bank’s website or app”.
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