Singapore’s elders have no confidence in digital payments. Source: Shutterstock
What’s keeping Singapore’s elders from using digital wallets?
SINGAPORE has an aging population, and that’s not something to be concerned about. However, if businesses want to succeed and thrive in the country, they need to understand the needs of the people.
For the thriving fintech ecosystem in the region, there is a concern that Singapore’s elders are shying away from digital wallets and payment services.
Given that 20 percent of Singapore’s population will be over 65 by 2030, this is a real challenge for businesses in the region.
According to The Business Times, data from a new study by Visa Singapore of 200 consumers aged between 50 and 80 showed that while many are active users of smartphone communication apps, digital payments is not something they’re comfortable with.
When the study explored why elders in the country were averse to using digital payments, they learned that there were many who feared digital fraud.
Data collected by Visa Singapore showed that nearly all seniors owned a payments card. However, the preferred mode of payments in most cases was cash.
The only exception to this was when they paid for insurance, electronics, and sometimes settled utilities and other bills.
Visa Country Manager for Singapore and Brunei Kunal Chatterjee told The Business Times that seniors polled felt they were “too old” to adopt new technology, and seemed worried that they might key in the wrong amount or the wrong password because of their poor eyesight.
In some cases, they said their lack of education could make it difficult for them to pick up on digital payments.
Chatterjee also revealed that the elders were concerned about fraud and felt uncomfortable with regards to the lack of communication behind digital payments.
It seems that senior citizens would like to be notified when payments have been received by recipients and would like to be told about transaction and usage charges attached to payment cards they’re issued.
According to local media, Visa Singapore will partner with the People’s Association to offer workshops and training sessions in order to educate the public about digital payments.
They hope to address some of these fears and ensure that even senior citizens are made comfortable with digital payments.
Soumik Roy is a business and technology specialist. He helps small and medium enterprise owners understand what's most important to their company's growth and success.
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