Which payment methods are Singapore travellers most likely to use when travelling abroad?

In October, multicurrency digital payment platform YouTrip announced plans to scale its business across multiple Southeast Asian markets – after raising US$50 million in its latest Series B fundraising round – following on the heels of a global brand refresh by competing platform Revolut, which recently surpassed 35 million users globally.

But how likely are Singaporean consumers to use multicurrency e-wallets on their next international trip – compared to traditional options like cash and credit cards? And to what extent are multicurrency cards (e.g. Instarem Amaze, Revolut, Wirex, Wise and YouTrip) becoming more popular as a foreign payments method, across different generations of Singaporean travellers?

How are Singaporeans most likely to pay while on their next trip overseas?

Latest YouGov Surveys research shows that multicurrency e-wallets have seen the largest year-on-year percentage growth in consumers who plan to use them on their next international trip, across all major payment methods.

Expected usage of multicurrency e-wallets rose 10% – to reach 33% this year from 23% in 2022 – compared to a 5% increase for credit cards and pre-paid cards, and 4% increase for cash.

Meanwhile, there was no year-on-year change in expected usage of debit cards.

However, cash remains the most popular payment method overall – two in three (66%) Singaporean consumers planning a trip abroad are likely to use it – followed by credit cards at three in five (60%).

Are multicurrency e-wallets growing in popularity across generations?

Expected overseas usage of multicurrency e-wallets saw the highest growth demographically among Gen Z travellers, spiking 14% (43% this year from 29% in 2022).

It also rose across other birth cohorts: by 10% among Gen X (29% this year from 19% in 2022) and Baby Boomers (23% this year from 13% in 2022), and by 6% among Millennial travellers (40% this year from 34% in 2022).

Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2,044 for each market. All surveys were conducted online during August 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.

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