In Singapore, local consumers’ enthusiasm for digital wallets is expected to supplant credit cards with digital wallets as the most popular payment method by 2024.
The pandemic has driven even the least tech-savvy to the virtual world for everything from work to shopping for groceries. This has translated to the evolution of new consumer habits acclimatised to virtual transactions – causing an increase in the usage of digital payments over the past year.
According to a study by Juniper Research, the global value of virtual card transactions is expected to reach US$6.8 trillion by 2026, jumping from US$1.9 trillion in 2021. This, combined with how more businesses are taking their operations online, means that digital transactions will continue to see sustained growth.
