In Singapore, 37% of in-store purchases are made in cash, making it the most-used payment option (FIS, 2020)
This statistic is from the 2020 Worldpay Global Payments Report from FIS.
The report explores the differences (and similarities) among the world's nations with regard to payment habits and preferences. While it forecasts a decrease in global cash usage between now and 2023, it also highlights the significant role cash plays as the payment of choice for many nations, and a key part of the payment mix in the majority.
Cash Outlook by Region
The report shows the Latin America payments landscape continues to be dominated by cash, reflecting large unbanked or underbanked populations, limited penetration of point of sale e-payment acceptance, high banking fees for consumers and persistent concerns around the fraud that surrounds cashless options.
Some of these concerns—particularly fraud—are universal, and contribute toward people's choice to pay in cash regardless of which country they live in.
In Africa, cash remains a preferred payment choice, with countries such as Nigeria being almost exclusively cash-driven, and South Africa having a broader mix of payment options while still preferring cash for the majority of them.
The report predicts Europe and the Middle East will see a greater decline in cash usage than other regions in the next few years, however countries such as the United Arab Emirates, Turkey and Poland are still predominantly cash-based, with 67%, 66% and 58% of point of sale purchases made in cash respectively.
In America and Canada, cash is less commonly-used than credit and debit cards, but is the next-most-used option below them, coming above charge cards, digital/mobile wallets and pre-paid cards.
In Asia, the variety of payment methods reflects the region's wide spectrum of diversity in economic conditions, government regulations and infrastructure capacities. While Singapore and South Korea lean more towards cashless payments, Malaysia—a key centre of commerce for Southeast Asia—strongly favours cash, with 64% of point of sale purchases made in cash (more than triple the next-most-used payment method, credit cards, with a share of 21%).
Cash is far from dead. [It] remains vital to the healthy functioning of virtually every economy in the world.
FIS is a technology and services company that aims to help businesses and communities thrive by advancing commerce and the financial world.
Headquartered in Jacksonville, Florida, it employs more than 55,000 people across 50+ countries, with a focus on helping clients keep ahead of global trends. FIS offers more than 450 solutions and processes over $75 billion of transactions around the world, is a Fortune 500 company, and a member of Standard & Poor’s 500 Index.