New Challenges For Singapore SMEs

In navigating challenges from the pandemic, more than four in five Singapore consumers (84%) say that Covid-19 has permanently changed the way they pay.

The increasingly digital way of life and shifting to digital solutions have, in turn, presented SMEs with new challenges.

One challenge SMEs have adapted to is the increasing consumer preference for safer and touchless ways of payment. In the next three months, nearly four in five Singapore consumers (79%) expect to use contactless payments whenever possible — the highest of all markets surveyed and compared to a global average of three in five (60%). Nearly half (45%) would not shop at a store that doesn’t offer contactless payment methods.

These are the findings in Visa’s latest Back to Business Study. The fifth edition of the global study reveals how rapid digital shifts in consumer habits continue to impact commerce around the world and explores the shape-shifting trends that SMEs face in payments and beyond.