Singapore Digital wallets to overtake credit cards by 2024 amid e-commerce boom: Report

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(The Straits Times)

Digital wallets are poised to overtake credit cards to become the most popular online payment method in Singapore by 2024, amid the e-commerce boom fuelled by the pandemic.

Their soaring popularity in the e-commerce market came largely at the expense of credit cards, bank transfers and cash on delivery, according to the latest global payments report by Worldpay from FIS released on Wednesday (March 3).

In 2020, credit cards (45 per cent), digital wallets (20 per cent) and bank transfers (12 per cent) were the most popular online payment methods.

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