Multi-currency card providers, which include Revolut, YouTrip and Wise, allow users to convert Singapore dollars and store them in different foreign currencies for low or no transaction fees.
One in five millennials here has an account with the Singapore-based YouTrip, a multi-currency card and travel wallet, according to a study by the firm in 2022.
Revolut said in June that it now has more than 30 million retail customers worldwide, having added more than five million new users globally since November 2022.
These digital wallets are gaining popularity owing to their competitive exchange rates, and are also cheaper to use than credit cards from traditional banks since there are lower or no transaction fees.
But while they offer convenient ways to pay for goods and services, there are risks to using these wallets and they may be less secure than traditional banks, experts said.
Traditional bank cards adhere to stringent financial regulations, provide extensive security features, and have well-established global acceptance, said Mr Shahnawaz Backer, a senior solutions architect at F5.
"Travel wallets, often a third-party service, may have security measures and competitive currency exchange rates tailored for international travel but may not be subject to the same level of regulatory oversight as traditional banks," he said.
When it comes to resolving fraudulent transactions, banks typically offer comprehensive customer support and clearly defined processes, ensuring a higher level of consumer protection, he added.
هذه القصة مأخوذة من طبعة December 04, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 04, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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