3 in 4 Singaporeans send or receive money via digital apps: study

Singapore’s remittance market will exceed US$12b in transaction volume by 2030.

Three in four Singaporeans prefer to send or receive money through digital apps higher than the global average of 53%, a study by Visa revealed.

The study found that app-based digital remittance platforms are the most popular method for receiving or sending money in Singapore.

In terms of frequency, 43% of Singaporeans send money via digital apps at least once a month. The study showed that the main reasons for preference in using digital apps in Singapore include speed and ease of use compared to cash and other payment methods, with over half (51%) of users likely to use digital apps more frequently in the future.

The Singapore remittance market is expected to reach more than US$12b in transaction volume by 2030. More than four in five (83%) consumers are sending or receiving money at least once a year, and more than 70% of them have either sent or received remittances within the last six months. The top reasons why consumers are making money transfers include having to remit money regularly (47%), using remittances for accounts or investments (38%) and for unexpected needs (33%).