Sponsored Articles
CO-WRITTEN / PARTNER | Staff Reporter, Singapore

Adapting to the new normal: Why payments tech is just as important as the food to futureproof F&B businesses in Singapore

Today’s diners expect a seamless, contactless dining and payment experience. In an ever-evolving F&B landscape with more touchpoints than ever before, how can businesses keep up – and ensure customers come back for seconds?

The COVID-19 pandemic has not only caused unprecedented disruptions, but also accelerated digital transformation in Singapore’s food & beverage (F&B) industry. Digital technology has become the lifeline for quick service restaurants (QSRs) of all sizes due to the drive to social-distance and self-isolate.

According to IDC report “Driving Transformation Through Payments: The Singapore Challenge”, payments are increasingly being seen as a competitive differentiator and a strategic engagement tool. Singapore is also seeing a proliferation of new payment methods, including more contactless options and mobile wallets, with more expected to come on the scene. 

F&B reimagined
As the economy reopens, F&B businesses are faced with the challenge to drive sales while minimizing human-to-human interactions. Businesses have had to quickly expand on the number of customer touchpoints, to include pre-orders in-app, via mobile, plus curbside and contactless delivery – to allow customers to complete the entire ordering and payment process while minimizing interaction with service staff.

These days, diners are accustomed to ordering and paying through digital and contactless payment modes. A common sight at F&B establishments: diners ordering on their mobile phones through a QR code menu. Digital payments like contactless cards and mobile wallet payments have also become the new norm. The IDC report takes a closer look at some of the payment methods that are growing in importance in Singapore.

Value of digital payments
There seems to be a transition from cash to digital payments, as consumers now eschew cash and prefer to pay through contactless methods such as QR codes, smart devices, mobile wallets or contactless cards, according to the IDC report.

In the highly competitive fast-casual food industry, the less time spent processing orders and sorting out change and payments results in more customers being served and more revenue generated. In addition, supporting these digital payment methods allow establishments to leverage the payments data for greater customer insights. In an evolving F&B landscape, these insights help businesses better understand customer needs and expectations across the various online and in-store touchpoints. 

Download the report to get full insight into how F&B businesses and some of the key industries in Singapore can leverage payments to transform in response to today’s challenges.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.