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 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.
Number of users of selected mobile wallets in Singapore in 2020, with forecasts from 2021 to 2025
(in millions)
The source does not provide any information regarding consumers using more than one app at the same time. It may, therefore, be that the total users of all apps combined is higher than the country's population
Supplementary notes
The source explicitly states that "we look (...) only for open wallets, ie those that have the ability to make payments on multiple sites, rather than in reference to an ability to transfer funds between different wallets. Thus we do not focus on transactions conducted via cards stored by a retailer purely for use on that retailer’s website or mobile app."
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Statista estimates. (October 21, 2021). Number of users of selected mobile wallets in Singapore in 2020, with forecasts from 2021 to 2025 (in millions) [Graph]. In Statista. Retrieved November 18, 2024, from https://www.statista.com/statistics/1271716/mobile-wallet-user-forecast-in-singapore/
Statista estimates. "Number of users of selected mobile wallets in Singapore in 2020, with forecasts from 2021 to 2025 (in millions)." Chart. October 21, 2021. Statista. Accessed November 18, 2024. https://www.statista.com/statistics/1271716/mobile-wallet-user-forecast-in-singapore/
Statista estimates. (2021). Number of users of selected mobile wallets in Singapore in 2020, with forecasts from 2021 to 2025 (in millions). Statista. Statista Inc.. Accessed: November 18, 2024. https://www.statista.com/statistics/1271716/mobile-wallet-user-forecast-in-singapore/
Statista estimates. "Number of Users of Selected Mobile Wallets in Singapore in 2020, with Forecasts from 2021 to 2025 (in Millions)." Statista, Statista Inc., 21 Oct 2021, https://www.statista.com/statistics/1271716/mobile-wallet-user-forecast-in-singapore/
Statista estimates, Number of users of selected mobile wallets in Singapore in 2020, with forecasts from 2021 to 2025 (in millions) Statista, https://www.statista.com/statistics/1271716/mobile-wallet-user-forecast-in-singapore/ (last visited November 18, 2024)
Number of users of selected mobile wallets in Singapore in 2020, with forecasts from 2021 to 2025 (in millions) [Graph], Statista estimates, October 21, 2021. [Online]. Available: https://www.statista.com/statistics/1271716/mobile-wallet-user-forecast-in-singapore/
