FairPrice supermarkets has introduced Visa payWave contactless payments in all its 116 outlets in Singapore.
The rollout is one of the largest implementations of contacless payment acceptance by a local retailer and paves the way for the mass adoption of the technology in Singapore.
"This move reinforces our commitment towards enhancing our customers’ shopping experiences with a convenient payment option that is fast, secure and simple to use," said Seah Kian Peng, CEO of FairPrice, adding that technology is an enabler in helping serve customers better.
Peter Maher, Visa group country manager, Southeast Asia, said Visa payWave is just as secure as paying with Visa credit or debit cards, but faster and easier.
With Visa payWave, the card doesn’t need to be swiped by the sales assistant, and no signature or Personal Identification Number (PIN) is required for purchases under SGD100 (USD79.07), which makes it a faster way to pay while still being a secure Visa transaction.
This is expected to help reduce queues by improving transaction speeds to provide a more enjoyable shopping experience for customers.
FairPrice studies show that paying by Visa payWave requires less than half the time compared to payment by cash, which means customers can be served quicker and queues are reduced.
With major retail brands like FairPrice onboard as Visa payWave merchants, Visa is expecting the volume of contactless payments to grow and Visa payWave transactions to account for one in ten face-to-face payments by the end of this year.
Accrording to Visa findings, Singaporean consumers have readily gone cashless. Usage of Visa payWave cards has more than tripled in May 2013, compared to May 2012.
Established in 1973, FairPrice has grown to become Singapore’s largest retailer serving about 400,000 shoppers daily, with a network of 116 outlets, comprising FairPrice supermarkets, FairPrice Finest and FairPrice Xtra.