"Buy now, pay later" (BNPL) will remain as one of the payment methods in Singapore, together with digital wallets and credit and debit cards, according to Worldpay's 2024 Global Payments Report.
The payments technology and solutions company said that by 2027, BNPL will account for 2 per cent of total spending - e-commerce and point of sale transactions unchanged from 2023.
In comparison, the use of digital wallets, such as Apple Pay, Google Wallet, GrabPay and Shopee Pay, is expected to increase year over year. By 2027, digital wallets will account for 45 per cent of total spending - e-commerce and point of sale transactions - from 24 per cent in 2023.
The total spending via digital wallets will grow from $41 billion in 2023 to $89 billion in 2027, Worldpay said.
The firm said that by 2027, credit card usage will drop to 29 per cent of total spending (from 37 per cent in 2023) while debit cards will account for 13 per cent of all spending (from 18 per cent in 2023).
In 2023, Singapore consumers spent $3.4 billion online and instore using BNPL services from third-party providers like Atome and Grab PayLater, banks and retailers.
This story is from the May 30, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 30, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
US weighs breakup of Google in landmark online search case
WASHINGTON – The United States said on Oct 8 that it may ask a judge to force Alphabet's Google to divest parts of its business, such as its Chrome browser and Android operating system, that it noted are used to maintain an illegal monopoly in online search.
Home-grown CRU will close last fitness studio on Nov 10
Refunds will be addressed once moving-out process is finalised, says staff member
Oil slides on possible ceasefire between Hezbollah and Israel
HOUSTON – Oil prices slid on Oct 8, settling down more than 4 per cent on news of a possible ceasefire between Hezbollah and Israel, although prices found some support on fears of a potential attack on Iranian oil infrastructure.
HBO documentary suggests Peter Todd is creator of Bitcoin
PORTLAND, Oregon - A new HBO documentary about the origins of Bitcoin suggests that Mr Satoshi Nakamoto, the pseudonymous creator of the original cryptocurrency, is likely Canadian software developer Peter Todd.
China's finance minister to hold briefing, raising stimulus hopes
He is expected to launch moves to shore up growth, strengthen fiscal policy on Oct 12
More travel during China's Golden Week, but spending still lags
BEIJING - Chinese tourists shelled out less money during their long holiday that ended on Oct 7 than before the Covid-19 pandemic, even as signs emerged that spending is stabilizing after a recent barrage of stimulus measures unveiled by the government.
Wall Street gains lift investors here with S'pore stocks up 0.6%
● SGX is STI's biggest gainer, rising 1.8% to $11.61 ● Local banks end higher; regional indexes mixed ● S&P 500 up 1%; Nasdaq adds 1.4%; Dow Jones rises 0.3%
46 schools to get new principals – 22 taking on role for first time
Forty-six schools will receive new principals at the start of the school year in 2025, as part of the Ministry of Education's (MOE) annual reshuffle exercise.
Board members of statutory boards get reminder on gift rules
Board members of statutory boards have been sent a letter by the Public Service Division (PSD) to make clear the circumstances under which they could be considered public servants under the law.
Body of hiker who fell off cliff in Everest region brought back
The body of Mr Harry Tan Eng Kwang, who died after he slipped and fell while hiking in the Everest region of Nepal about two weeks ago, arrived in Singapore on Oct 9. His family is holding a three-day wake at The Garden of Remembrance in Old Choa Chu Kang Road and the cremation will be held on Oct 12.