SINGAPORE (Dec 13): The continuous and rapid advancement in smartphone and financial technology has brought about an increase in mobile payment usage in recent years.

Ever since the introduction of PayLah!, a smartphone-based quick response (QR) code payment technology in Singapore, the use of mobile payments has doubled in the country, according to a study conducted by the National University of Singapore (NUS) Business School.

The study also found that consumers use mobile wallets mostly for small-amount transactions. And the weekly count of these transactions of less than $100 surged by 114%, while larger transactions of more than $100 has increased by 88%.

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