Digital wallets expected to be most popular in Singapore in 2024
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.
Singapore (VNA) – Digital wallets are forecast to overtake creditcards 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 thelatest global payments report by Worldpay from FIS.
In 2020, the most popular online payment methods in thecountry were credit card (45 percent), digital wallets (20 percent) and banktransfers (12 percent).
Among these payment options, digital wallets such as GrabPayand DBS PayLah! are expected to account for 27 percent of the Singapore marketby 2024, in line with global trends, said the report.
Driven by mobile commerce, Singapore's e-commerce marketreached 7 billion USD in 2020, and is projected to grow 40 percent over thenext four years to reach 10 billion USD.
Globally, digital wallets remain the payment method ofchoice among e-commerce consumers, accounting for 44.5 percent of e-commercetransaction volume in 2020. Chinese consumers lead the way with digitalwallets, accounting for 72.1 percent of e-commerce purchases./.
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Illustrative image (Photo: straitstimes.com) 
