Digital wallets expected to be most popular in Singapore in 2024

Illustrative image (Photo: straitstimes.com)

Singapore (VNA) – 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, according to the latest global payments report by Worldpay from FIS.

In 2020, the most popular online payment methods in the country were credit card (45 percent), digital wallets (20 percent) and bank transfers (12 percent).

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

Driven by mobile commerce, Singapore's e-commerce market reached 7 billion USD in 2020, and is projected to grow 40 percent over the next four years to reach 10 billion USD.

Globally, digital wallets remain the payment method of choice among e-commerce consumers, accounting for 44.5 percent of e-commerce transaction volume in 2020. Chinese consumers lead the way with digital wallets, accounting for 72.1 percent of e-commerce purchases./.

VNA