Title: Singapore digital transformation: a study of consumer perception towards cashless transactions

Authors: Tong Xiang Yap; Easwaramoorthy Rangaswamy

Addresses: Franklin Templeton Capital Holdings, 7 Temasek Blvd, 038987, Singapore ' Amity Global Institute, 101 Penang Road, 238466, Singapore

Abstract: The digitalisation of cashless payments methods has been moving at a very fast pace due to a very significant shift in consumer behaviours from offline to online through the internet penetration. The aim of the research is to investigate the consumers' perception towards cashless transaction, and the consumer preference on transaction methods. It further examined awareness, trust and confidence, education and behaviours which are key elements in the transition to a fully cashless society. Primary data was collected from a sample size of 200 respondents who are residents of Singapore and using of online survey questionnaire due COVID-19 circumstances. The study concluded that consumers had some understanding and positive perception and awareness towards cashless transactions. Majority of the consumers agreed that there was some level of effectiveness on consumer education on cashless transactions by the Singapore Government. Lastly, most consumers preferred cashless payment methods as compared to cash payment.

Keywords: Singapore; digital transformation; consumer perception; cashless transactions.

DOI: 10.1504/IJPSPM.2024.139873

International Journal of Public Sector Performance Management, 2024 Vol.14 No.1, pp.33 - 58

Received: 03 May 2021
Accepted: 22 Jun 2021
Published online: 09 Jul 2024 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article