Real-time digital payments in Singapore up 48%

Wednesday 26 May 2021 14:16 CET | News

Singaporeans are moving away from paper-based payments and embracing real-time digital payments and mobile wallets, study says.

The study, conducted by ACI Worldwide Real-Time Payments and GlobalData, shows that real-time transactions volumes and values have jumped significantly over the past years in Singapore and are further expected to grow.

In 2020, total real-time transactions reached 138.38 million, up 48% from 93.24 million in 2019, while the value of real-time transactions surged 40%, jumping from USD 110 billion in 2019 to USD 154 billion, the report says.

By 2025, real-time transactions volume is projected to grow at a compound annual growth rate (CAGR) of 23.2% to reach 392.94 million, and total value is set to rise at a CAGR of 17.74%. Real-time digital payments will represent 11.3% of all transactions by 2025, up from 4.9% in 2020, the study projects.

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Keywords: study, real-time payments, transactions , digital payments
Categories: Banking & Fintech | Payments General
Countries: Singapore
This article is part of category

Banking & Fintech