by BERNAMA / pic by BERNAMA
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.
Driven by mobile commerce, Singapore’s e-commerce market reached US$7 billion in 2020, and is projected to grow 40 per cent over the next four years to reach US$10 billion.
Globally, digital wallets remain the payment method of choice among e-commerce consumers, accounting for 44.5 per cent of e-commerce transaction volume in 2020. Chinese consumers lead the way with digital wallets, accounting for 72.1 per cent of e-commerce purchases.