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.

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