Digital wallets expected to be most popular in Singapore in 2024

Digital wallets expected to be most popular in Singapore in 2024

The Malaysian Reserve-World·2021-03-05 15:02

SINGAPORE – Digital wallets are forecast to overtake credit cards to become the most popular online payment method in Singapore by 2024, amidst the e-commerce boom fueled by the COVID-19 pandemic.

In 2020, the most popular online payment methods in the country were credit card (45 per cent), digital wallets (20 per cent) and bank transfers (12 per cent), reported Vietnam News Agency (VNA) according to the latest global payments report by Worldpay from FIS.

Among these payment options, digital wallets such as GrabPay and DBS PayLah! are expected to account for 27 per cent of the Singapore market by 2024, in line with global trends, said the report.

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