The Digital Wallet Impact
Singapore Edition
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56%
of consumers in Singapore are familiar with digital wallets for cross-border payments
In Singapore, Gen Z and millennial consumers are certainly leading the shift towards digital wallets for cross-border payments—a trend consistent across the countries surveyed in our Global Money Movement Report—yet, compared to the businesses in the country, consumers are considerably less familiar with digital wallets, hindering widespread adoption.
How can this gap be bridged?
Speed Attracts but Security Concerns Holds Singapore Back
For Singaporean merchants and consumers alike, speed is the top reason to start using a digital wallet. 64% of merchants who do not currently use digital wallets say this is a reason they would start.
So, what’s stopping them and how can regulators, wallet providers and banks address this barrier?
