E-Wallets Set to Dominate Singapore’s Online Payments by 2027, Says Worldpay

E-wallets are gaining important traction successful Singapore, pinch predictions indicating they will go nan superior costs method by 2027.

According to the 2024 Global Payments Report by costs processing institution Worldpay, e-wallets are expected to grip complete 50% of online spending successful Singapore by 2027.

In 2023, e-wallets were utilized for 70% of online spending successful nan Asia-Pacific region.

In Singapore, this inclination is expected to continue, pinch integer wallet usage projected to relationship for much than half of each online transactions by 2027, compared to 32% for in installments cards, which is simply a diminution from 42% successful 2023.

The study besides forecasts that Singaporeans will much than double their spending via e-wallets, expanding from S$41 cardinal successful 2023 to S$89 cardinal successful 2027.

This maturation is attributed to nan expanding interoperability of location costs systems and nan occurrence of nan Singapore Quick Response Code (SGQR), nan world’s first unified costs QR code.

In contrast, nan usage of in installments cards successful online transactions successful Singapore is expected to alteration from 42% successful 2023 to 32% successful 2027.

The Buy Now, Pay Later (BNPL) costs method, though accounting for conscionable 2% of transaction value, is projected to turn astatine a compound yearly maturation complaint (CAGR) of 8% from 2023 to 2027.

Here’s a elaborate breakdown of costs methods and marketplace size projections, illustrating nan important displacement towards e-wallets successful some e-commerce and point-of-sale transactions.

“In card-rich countries for illustration Singapore, nan integer wallet is simply a fast-growing measurement to facilitate in installments paper transactions and supply consumers pinch a streamlined costs acquisition that thrives connected efficiency.

Singapore’s authorities has established an highly robust infrastructure that has accelerated nan usage of integer wallets, and we expect to proceed seeing finance by some backstage and nationalist organisations successful this abstraction to broaden capabilities and partnerships – yet benefiting some merchants and consumers.”

said Phil Pomford, General Manager, Global eCom, APAC, Worldpay.

Featured image credit: Edited from Freepik