Visa payWave’s Transaction Milestone

Visa’s contactless payWave cards were used for more than 2 million transactions in Singapore during July 2014—more than 21.5 percent of all Visa card-present transactions for the month, e27.co reported.

PayWave was also used for 38.5 percent of all Visa face-to-face transactions of US$24 or less in the city-state. Sixty percent of Singaporean Visa cardholders prefer to shop at stores that offer contactless payments, and across Southeast Asia 70 percent say they prefer shops that offer contactless, according to a Visa survey that tracked 500 respondents in each of the Singapore, Malaysia, Philippines and Thailand markets.

Across the four markets, 47 percent of the Visa cardholders surveyed cited faster transactions as the top reason for using contactless payments.

Singapore is leading the region in contactless payments adoption, Visa said, but neighboring countries are catching up fast. Thailand has monthly Visa payWave transaction growth of 68 percent, while in the Philippines Visa contactless is growing at 26 percent and in Malaysia the growth rate is 21 percent.