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Credit card dominance in Singapore to wane by 2027 with digital wallet rise

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pstrongDigital wallets will dominate 50% of online transactions and credit card spending will fall to 32% in three years./strong/p pIn three years, more Singaporeans will use digital wallets, with spending projected to reach $89b by 2027 from $41b in 2023.

Digital wallets will dominate 50% of online transactions and credit card spending will fall to 32% in three years.

Data from 2024 Global Payments Report from Worldpay showed that digital wallets has overtaken credit cards as a preferred way to pay for online purchases. In 2023, credit cards emerged as the most dominant payment method by transaction value in e-commerce and POS . Meanwhile, BNPL’s share of e-commerce transaction value will remain steady in Singapore, accounting for 2% of transaction value but growing at a CAGR of 8% from 2023 to 2027.

 

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