Users of various mobile payment apps in Singapore in 2020, with forecasts to 2025
one of the largest unicorns in the world - and Fave - an app that offers rewards programs - are predicted to become the main drivers for cashless payments within country. In 2020 already, Singapore had the highest penetration rate for cashless payments in Southeast Asia. Because of this early adoption in a relatively small market, some of the wallets expand beyond Singapore: Grab is also popular in, for instance, Indonesia.
The user base of super app Grab's mobile wallet is expected to reach almost reach double figures by 2025, a number that is bigger than Singapore's population. The payment methods offered by both Grab - an app that provides everyday services, from transportation to food delivery and other financial services, and