Customers at FairPrice supermarkets can leave their cash at home and experience the benefits of faster, hassle-free transactions with Visa payWave contactless payments now accepted at all 116 outlets island wide.
This rollout by FairPrice marks one of the largest implementations of contactless payment acceptance by a local retailer, lending momentum to the mass adoption of the technology in Singapore.
Peter Maher, Visa group country manager, Southeast Asia, said “Visa payWave makes everyday transactions faster and easier for consumers. Convenience, speed of service and security are essential in driving consumer satisfaction levels. Visa payWave is just as secure as paying with Visa credit or debit cards – but faster.”
Before implementing Visa payWave acceptance across all stores, FairPrice ran a pilot program in February 2013 to test receptiveness among its customers. After observing a popular uptake, FairPrice made the decision to install Visa payWave terminals at all of its outlets – a program that was completed in June.
Mr Seah Kian Peng, CEO of FairPrice said, “This move reinforces our commitment towards enhancing our customers’ shopping experiences with a convenient payment option that is fast, secure and simple to use. As an innovative and progressive retailer, FairPrice is constantly looking for ways to support the changing needs and lifestyles of our customers and we recognise technology as an enabler in helping us serve our customers better.”
Ooi Huey Tyng, Visa country manager, Singapore and Brunei added, “The introduction of Visa payWave across all FairPrice stores will help reduce queues by improving transaction speeds to provide a more enjoyable shopping experience for customers. With major retail brands like FairPrice onboard as Visa payWave merchants, we anticipate 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.”
With Visa payWave, the card doesn’t need to be swiped by the sales assistant, and no signature or PIN (Personal Identification Number) is required for purchases under SGD$100, which makes it a faster way to pay while still being a secure Visa transaction.
Singaporean consumers have readily gone cashless , and according to Visa findings the overwhelming perception to using contactless payments is positive. Usage of Visa payWave cards has more than tripled in May 2013, compared to May 2012. ‘
Retailers have also expressed positive feedback with contactless payments reporting a growing trend of payments being made using Visa payWave. 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.
Visa payWave transactions are as secure as any other Visa chip card transaction and carry the same multiple layers of security. In addition, with Visa payWave, the card never leaves your hand, which reduces the risk of fraud.
Visa payWave is a contactless payment technology that is found on Visa cards bearing the symbol . Earlier this year, the number of Visa payWave cards issued in Singapore hit a major milestone with more than one million cards issued, and that number is expected to double by the end of the year. There are currently more than 12,000 Visa payWave retail acceptance points across the country and with this latest announcement, FairPrice supermarkets will significantly add more places where consumers can use contactless payments.
In addition to FairPrice, Visa payWave is accepted at a growing number of dining spots, entertainment venues and retailers islandwide.
FairPrice Visa payWave Promotion
From 11 July to 25 August 2013, shoppers at FairPrice who use their Visa payWave card for a minimum payment of S$30 per receipt will receive a free loaf of bread (enriched white or whole meal).