For ecommerce companies, marketplaces, and gig-economy platforms looking to expand in Asia, few countries compete with Singapore’s combination of affluent consumers and digital infrastructure.
Digital adoption and usage among Singapore’s citizens and government efforts to transition to a cashless economy have led to an explosion of ewallet companies. Singapore is one of the Asia-Pacific region’s top-three ewallet markets, with 23.3% of smartphone users embracing the technology. Tapping into this small yet lucrative city-state means giving customers the ability to use their preferred payment methods. Businesses must be able to offer these payment options without the time and expense of navigating multiple technical integrations and regulatory hurdles.
- Top 20 richest citizens globally
- ¾ of Singaporeans have smartphones
- 84% of Singaporeans shop online
- The average online shopper spends $1,450 per year on digital purchases
- 42.3% of all completed eCommerce transactions are mobile
- Mobile ecommerce sales expected to double by 2021
Deliver a Better Experience and Drive Sales with eWallets
By 2021, ewallet purchases will make up more than 22% of all sales in Singapore. Currently, credit and debit cards are the most popular payment methods for ecommerce, but their use is declining. eWallets are on the rise because they offer a convenient checkout experience and give Singaporeans access to loyalty programs and rewards that they don’t get with credit cards—such as airline miles and cash-back.
Major Players in Singapore’s eWallet Ecosystem
Major local and regional players:
- Singtel Dash
- DBS PayLah!
- OCBC Pay Anyone
Choosing the Right Fintech Partner Determines Success in Singapore
There are more than 40 mobile payments companies doing business in Singapore right now, and most customers prefer local options such as GrabPay and Singtel Dash. This fragmented payment environment is complex for businesses to navigate. Companies need to work with a fintech partner, like Rapyd, that provides seamless access to all payment options instead of attempting one-off integrations.
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