NTUC FairPrice accepts purchases via Visa payWave card

SINGAPORE — Customers shopping at NTUC FairPrice outlets can now pay for purchases in a fast and simple way, with the Visa payWave card.

Singapore’s biggest retailer has rolled out the no-contact payment terminals across 116 outlets islandwide.

And no cash or signatures are required for transactions under S$100.

FairPrice expects the take-up rate for such technology to grow.

Meanwhile, Visa also hopes to grow its market share for the contactless payment to 10 per cent by the end of the year.

But as this new technology picks up in Singapore, analysts say the competition among merchants will get tougher.

Mr Edison Chen, Investment Analyst at DMG & Partners Research, said: “For the contactless payment terminals growth, Netflash is definitely leading with more than 30,000 contact terminals, compared with Visa with only 10,000.

“But of course they’re catching up fast. They aim to grow to 20,000 by the end of this year. But Net Flash Pay offers a more user-friendly, kind of cost competitiveness to smaller retailers, Visa offers different rates to bigger retailers. CHANNEL NEWSASIA