More shoppers pay with a wave

More shoppers pay with a wave

SINGAPORE - Shoppers here are showing a keen appetite for "contactless" credit card payments, carried out by merely waving their card over a reader instead of signing a receipt or entering a PIN number.

Three major payment companies here have seen a surge in transactions and more merchants are offering the option.

The method is said to take an average of 10 seconds - five seconds quicker than cash payments, according to research.

FairPrice rolled out contactless payment terminals at all of its 116 supermarkets last month.

Fashion retailers Hang Ten and Esprit also started offering the option last year.

Payment company Visa, which has 1.5 million contactless Visa payWave cards in circulation here, said that 600,000 transactions were made on them last month, triple the number from June last year.

American Express, which started offering contactless payments only last year, has seen merchant numbers and transaction volumes grow "significantly", said its Singapore country manager Yoshimi Nakajima. No figures were given.

MasterCard would not reveal up-to-date figures for its version, the PayPass, although in the June and July period last year, usage jumped 54 per cent from the same period in 2011.

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