GrabPay rated most popular e-wallet in Singapore
Grabpay has emerged as the most popular e-wallet in Singapore over the past two years, as e-payment systems catch on in the city-state.
It was followed by e-wallets DBS PayLah!, FavePay, EZ-Link app and Alipay.
A report by meta-search website iPrice Group, in collaboration with mobile data and analytics platform App Annie Intelligence, said the contactless payment rendered by Grab has been the most actively used e-wallet app by Singaporeans since the end of 2017.
The report released last week analysed over 30 e-wallet apps and tracked the developments of e-wallets using vital app metrics, such as the number of monthly active users and total downloads from late 2017 to the third quarter of this year.
An e-wallet or digital wallet is a type of electronic card that can be used for transactions made online through a computer or smartphone. It functions like a credit or debit card and needs to be linked to a person’s bank account to make payments.
The report said: “As a well-connected society, Singapore’s effort in driving the adoption of mobile e-payments across multiple platforms had pushed down the ratio of cash and cheque usage against digital payments. iPrice Group collaborated with App Annie Intelligence to track the city-state’s vision of building a cashless society via mobile e-payment applications.”
The study looked at digital wallets that let users make payments via QR code, card or bank transactions.
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