According to the latest “Visa Consumer Payment Attitudes Study,” nearly 90% of customers in Singapore now perceive cashless payment methods, including cards, mobile wallets, and mobile banking, as the most eco-friendly options.
The Visa survey also demonstrates how Singaporean customers are giving sustainability, environmental principles, and social causes more and more weight. 33 percent of them are already actively making changes, and 41% plan to do so in order to increase their understanding of responsible consumerism.
Sixty-one percent of consumers in Singapore want physical cards made of sustainable materials, and forty-five percent are willing to give some of the loyalty rewards points they have accumulated through using their credit cards or other similar services to environmental causes.
Consumers were most interested in organizations working to combat climate change (43%), sustainably manage resources (38%), and manage waste (34%) when it came to environmental concerns. Regarding societal issues, people are most likely to donate loyalty points to initiatives that support access to food for all (30%), disaster relief (22%), and public health (20%).
53% of Singaporean customers show interest in receiving on-demand advice and training on sustainable consumption through the apps offered by their banks and financial service providers.
The study emphasized how consumer support for particular companies is influenced by sustainability, environmental ideals, and social issues. As long as the price and quality stay the same, 34% of Singaporeans are open to switching to brands that place more of an emphasis on sustainability.
Consumer interest in sustainability is growing in Singapore
After COVID, customers also adopted new habits. 52 percent of Singaporeans admitted they no longer accept cash payments. Nearly 40% also mentioned that they expect to spend the most money in the upcoming year on food and personal care products.
Due to the pandemic, nearly seven out of ten Singaporeans have begun increasing their household savings for necessities. According to the report, 60% of Singaporeans are also storing money for the future and strictly monitoring their spending each month.
For many years, ESG has been a major emphasis for organizations worldwide, but we are seeing more customers in Singapore becoming more interested in sustainability, according to Adeline Kim, Visa country manager for Singapore and Brunei.
“Payments networks have the potential to play a major role in aiding the transition to net zero, from supporting low carbon urban mobility to assisting banks in developing their sustainability approach. Visa is in a good position to address consumer expectations for greater transparency and better knowledge of their environmental impact because the network is open to all users.
For instance, this year Visa introduced its “Eco Benefits” solution, through which we collaborate with our issuing banks to give cardholders access to alternatives for carbon offsetting or charity donations via the website or mobile app of their bank.