Singapore’s SMBs Top Consumers in Familiarity With Digital Wallets For Cross-Border Payments
Global Money Movement: Singapore Edition
Digital wallets are transforming how Singaporeans move money across borders. However, consumer awareness lags behind merchant readiness, creating a hurdle to wider use. The latest edition of “Global Money Movement: Singapore Edition,” a PYMNTS Intelligence and TerraPay collaboration, explores the current state of digital wallets for international payments in Singapore.
Inside the March Data Brief
- 84% of merchants in Singapore say they are very familiar with digital wallets as an option for cross-border payments, versus just 56% of consumers.
- 65% of consumers in Singapore who annually earn more than $100,000 use digital wallets for cross-border payments.
- 36% of Singaporean consumers who do not use digital wallets for cross-border payments cite security worries as a reason for not using the payment method.
