Singapore’s Small Businesses Know the Score With Digital Wallets for Cross-Border Payments
Singapore stands at a crossroads in the digital payments revolution. While digital wallets are reshaping how businesses handle cross-border transactions, a noticeable gap persists in consumer awareness. This disparity, particularly when compared to the persistent dominance of traditional payment methods, presents both a challenge and an opportunity for the future of Singapore’s financial landscape.
This data brief delves into this complex dynamic, highlighting the surprising finding that merchant readiness outpaces consumer familiarity. It also explores the intricate problems and potential solutions surrounding digital wallet adoption in the region.
The data suggests that while speed is a major driver of digital wallet adoption in Singapore, security concerns linger, potentially hindering broader consumer uptake. Delve in to learn more about how these factors interplay and what they mean for the future of digital payments in Singapore.
Moreover, a generational divide has emerged in digital wallet usage, with younger consumers in Singapore leading the charge in embracing this technology for cross-border payments.
In “Global Money Movement: Singapore Edition,” a PYMNTS Intelligence and TerraPay collaboration, we surveyed consumers and merchants about digital wallet usage for international transactions to understand the current landscape and future potential of this payment method in Singapore.
Inside “Global Money Movement: Singapore Edition,” you will:
- Analyze the factors driving digital wallet adoption for cross-border payments among Singaporean consumers and small- to mid-sized businesses (SMBs).
- Discover the key differences in digital wallet usage between various consumer and merchant demographic groups.
- Explore the opportunities and challenges that digital wallets present for cross-border transactions.
- Delve into the roadblocks holding digital wallets back from broader adoption among consumers and SMBs.
Singapore’s path to reaching widespread digital wallet usage for cross-border payments — and benefiting from the seamlessness and efficiency the technology offers — will need to close the consumer awareness gap and alleviate security concerns. By addressing these issues, the country can unlock the full potential of this transformative technology.
Download the Study Global Money Movement: Singapore Edition
About the Data Brief
“Global Money Movement: Singapore Edition,” a PYMNTS Intelligence and TerraPay collaboration, is based on a survey of 2,757 consumers in Singapore, including 777 who made cross-border payments in the previous 12 months, conducted from Sept. 6, 2024, to Oct. 23, 2024. It also draws on a survey conducted between Sept. 4, 2024, and Oct. 14, 2024, of 89 business owners and leaders at SMBs in Singapore that make cross-border payments. Those firms generated annual revenues of up to $10 million in 2023.
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