Digital wallets are now projected to see transaction value increase to 44% by 2027, the equivalent of $14.8 billion, while cards are projected to account for 32% of online transaction value in that time frame.
Consumers in Singapore are increasingly choosing digital wallets as their payment method, over credit cards, according to Worldpay’s 2024 Global Payments Report.
Cards have remained the dominant payment method by transaction value in e-commerce (42%) and point-of-sale (POS) (37%) in 2023, but the “success” of the Singapore Quick Response Code (SGQR), the world’s first unified payment QR code, has led to a forecast for strong growth for digital wallets in Singapore.
