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).
This article is part of a series exploring trends in overseas payment options across key APAC markets. Read our companion articles on the popularity of various travel payment methods in Australia and Hong Kong below.
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.
Cover Photo by Twenty47studio