Tag: Visa

Singapore – In a bold step toward redefining financial access for Gen Z, Revolut Singapore has unveiled its first-of-its-kind vending machine at the National University of Singapore (NUS). In partnership with Visa, this innovative machine dispenses free debit cards, catering to the unique financial needs of students. 

MARKETECH APAC spoke with Raymond Ng, CEO of Revolut Singapore, to delve into the vision and impact of this initiative. In this conversation, Ng explored the inspiration behind the concept and how it aims to empower students by transforming the way they approach and manage their finances.

A global vision rooted in local needs

Revolut’s debit card vending machine aims to serve students below the age of 21. The company aims to make money management more accessible to students and educate them on healthy and smart financial habits, boosting financial literacy. 

“Students under 21 are often underserved by traditional financial institutions, missing out on tailored solutions that meet their unique needs. Banks frequently impose higher entry barriers, such as requiring a minimum deposit, leaving many students without effective tools to manage their finances,” Ng explained. 

Ng also highlighted that for many Singaporean students, studying abroad, interning overseas, or frequent travel has become the norm. However, he noted that the high foreign transaction fees—reaching up to 3.25% per transaction—on standard debit cards can place a significant financial burden on them.

Revolut’s vending machine addresses these gaps by offering students instant access to debit cards, eliminating the need to visit a bank. It also provides comprehensive financial tools, including budgeting, spend tracking, and fee-free currency exchange, promoting healthier money habits. Additionally, the Revolut app offers educational modules, like ‘Stock Learn,’ that help students start investing with as little as $1, fostering financial literacy.

In partnership with Visa, Ng further emphasised that the collaboration gives Revolut customers access to Visa’s global network, accepted in 200 countries and by over 100 million merchants worldwide.

“While many students already have debit cards, Revolut offers more than just a payment tool. We provide an integrated financial ecosystem designed to help them spend, save, invest, and manage their finances wherever they are—on campus, at home, or abroad,” Ng added.

A model for future expansion

Revolut’s vending machine not only simplifies access to essential financial tools but also reflects the company’s commitment to promoting financial literacy and independence. 

According to research by Visa, nearly 40% of Gen Z consumers say that convenience plays a crucial role in their choice of payment methods. The same percentage also highlighted that better rewards and offers would motivate them to switch to alternative payment options, as Ng pointed out.

With features such as group expense splitting, spend analytics, and smart budgeting, Revolut positions itself as a trusted partner in students’ financial journeys.

When asked why NUS was chosen as the launch site, Ng explained that the decision was strategic. As Singapore’s largest and most established university, NUS serves as a hub for the country’s diverse, tech-savvy Gen Z population, making it the perfect fit for Revolut’s digital-first approach. 

Ng also shared plans to expand the initiative, ensuring that more students can benefit from Revolut’s offerings.

“The vending machine at NUS is our first in Singapore, and we’re definitely looking to extend this value proposition to other locations across the country so that even more people can take advantage of the convenience and accessibility it provides. Stay tuned,” Ng said.

Leading innovation in fintech

In a region where digital adoption is high, Revolut’s vending machine exemplifies how fintech can cater to the needs of a digitally native generation. 

“By offering instant access to debit cards and integrating features like smart budgeting, multi-currency spending, and investment education, Revolut empowers young users to take control of their finances while showcasing its commitment to creating innovative, localised solutions in a competitive fintech landscape,” Ng stated. 

As Gen Z increasingly seeks convenience, affordability, and education in their financial products, Revolut’s vending machine stands out as a timely solution, paving the way for a financially savvy generation.

Singapore – Revolut, a global fintech company, has launched a debit card vending machine at the National University of Singapore (NUS).

In partnership with Visa, Revolut’s initiative aims to provide students with access to financial services. Since some students below the age of 21 may not have access to traditional banks, Revolut can provide them with debit cards and access to money management tools.

The Revolut cards enable students to send and receive money locally and internationally, use budgeting and analytics features, and enjoy incentives such as cashback. It also allows them to start their investments.

Revolut also offers a group bills feature, which allows students travelling in groups to settle payments regardless of the currency in the app. The app also allows users to store up to 34 currencies and spend in more than 150 currencies worldwide.

Additionally, students can use a virtual card and add it to their e-wallet, enabling them to use it in both physical and online stores.

Raymond Ng, chief executive officer at Revolut Singapore, said, “We are always looking for new and innovative ways to make money management accessible to our customers. We are really excited to launch Singapore’s first-ever debit card vending machine in one of the most established and largest universities here, making it easy for students to get their cards. Whether it’s spending in 150+ countries around the world, splitting bills seamlessly with friends, saving for a new Playstation or learning about various investing tools, Revolut will be their all-in-one money companion.” 

“At Visa, we believe in the power of collaboration and innovation. Working with valued partners like Revolut, who are at the forefront of creating innovative products tailored for the Gen Z segment, is crucial. These products not only help young people manage their money effectively but also educate them about investments, supporting their financial journey,” Adeline Kim, Visa country manager for Singapore & Brunei, said.

“Based on our Gen Z research, close to 40% of Gen Z consumers indicate that convenience is a crucial factor in determining which product they use to pay, and the same number highlighted better rewards and offers would make them switch to alternative payment methods. By providing easy access for the youths to obtain their debit cards through the vending machines at NUS and providing great cashback when they shop and pay, we help to support this next generation to take control of their financial future,” Kim added.

Manila, Philippines – With the season being a peak time for getaways, Filipinos prioritise experience-driven travel, with Singapore, Hong Kong, and Japan being top destinations, with a new study from Visa highlighting a significant shift in how Filipinos plan and pay for their travels, showing a growing preference for contactless payments alongside the continued use of cash.

According to the survey, December is a peak travel month for Filipinos, with 32% planning domestic vacations and 23% opting for international destinations.

The survey highlighted that most Filipinos travel primarily to relax (80%) and seek new experiences (43%). Sightseeing remains the most popular activity for travelers (82%), but local cuisine (67%) and shopping (67%) are also high on the list of priorities. These findings suggest that many Filipinos are looking for destinations that offer a mix of leisure, entertainment, and adventure.

Amongst international destinations, Singapore stands out as the top choice, with 38% of respondents having visited the city-state in the past 12 months. Its mix of urban attractions and cultural experiences, coupled with its close proximity and accessibility from the Philippines, makes it a favoured destination, especially during the holiday season.

Hong Kong follows closely, with 31% of Filipinos choosing to visit. Known for its extensive shopping opportunities and festive celebrations, Hong Kong attracts families seeking both luxury and bargain shopping, along with its diverse culinary offerings.

Japan is another popular destination, drawing 30% of Filipino travelers. Known for its scenic landscapes, festive markets, and deep cultural heritage, Japan offers a unique blend of tradition and modernity, making it an attractive option for those wanting to experience something different during the holidays.

A growing trend among Filipino travelers is the increasing preference for contactless payments. A recent survey commissioned by Visa and conducted by YouGov in August 2024 revealed that 66% of Filipino travelers now favor using mobile wallets and tap-to-pay cards for their transactions. Additionally, 67% expressed plans to acquire cards with contactless features, reflecting the rising adoption of digital payment solutions.

However, despite the shift toward cashless methods, 71% of holiday travelers still carry cash as a backup, particularly for destinations where digital payment options may not be as widely available. This indicates that while contactless payments are becoming more popular, many Filipino travelers continue to rely on cash, especially in areas that have yet to fully embrace digital transactions.

As the holiday season approaches, this blend of evolving payment methods and a desire for experience-driven travel highlights the changing dynamics of how Filipinos navigate their journeys. Whether paying with contactless technology or cash, the core of Filipino travel remains rooted in creating meaningful experiences and moments shared with loved ones—values that remain as significant as the destinations themselves.

Jeff Navarro, country manager for Visa Philippines, said, “At Visa, we are committed to ensuring a seamless, secure, and convenient experience for Filipino travelers heading abroad and for inbound visitors to the Philippines. We recognize that tourism plays a vital role in the economy, contributing to job creation and overall growth. We’re working to support the Filipino government’s efforts to enhance tourism by improving digital payment methods and providing tourists with an enjoyable experience, which will help to further drive economic development and strengthen the tourism industry.”

He added, “As cross-border travel continues to grow, Visa sees a tremendous opportunity to remain a key part of the traveler’s journey. The convenience and security of digital payment options give travelers greater confidence when making transactions abroad—whether they are booking accommodation, dining, or shopping. Our goal is to continue supporting travelers at every stage, from planning and booking to the entirety of their trip, by encouraging the use of Visa for a seamless, secure, and hassle-free payment experience.”

Singapore – New data from Visa has recently revealed that Asia-Pacific cardholders spent more in France than in the previous year following the Olympic Games Paris 2024, with Australia recording over 100% increase in their spending, followed by Mainland China (over 80%) and Hong Kong SAR (over 70%).

According to the data, within France, the biggest share of daily spend comes from Hong Kong SAR (over US$230) Singapore (over US$160), and Mainland China (over US$140). Moreover, Asia-Pacific cardholders made twice the number of contactless purchases compared to the previous year’s average.

The data also reports that over 80% of total visitors used contactless as the payment method, over 30% of cardholders conducted their first international purchase in the last 12 months during their trip.

There has been also a fivefold increase in spending on SMB merchants compared to the previous year’s average. Over 50% of spend in shopping, lodging and dining (apparel & accessories, retail goods, department stores and restaurants).

Lastly, increased spending beyond France in other parts of Europe, including Greece (over 250%), Italy (over 100%) and Spain (over 90%) 

Prateek Sanghi, head of Visa Consulting and Analytics for Asia-Pacific, said, “The Olympic Games Paris 2024 has not only showcased athletic excellence but also demonstrated the power of global events to drive economic growth and digitalisation especially for small and medium businesses.”

He added, “What’s really exciting is how contactless payments have doubled during the Olympics — a sign that people are embracing new ways to pay with ease, speed and convenience. We’re seeing the future of payments unfold in real time, uplifting everyone from local businesses in Paris to tourists from across Asia Pacific.”

Singapore – foodpanda has announced its strategic partnership with Cybersource, a Visa Solution, to elevate their customer checkout experience through frictionless payments in more than 10 markets across Asia-Pacific. 

The latest partnership with Cybersource enables foodpanda to elevate their customers’ payment experience through secured payment processing. This includes seamless checkouts without the need for customers to enter their 16-digit credentials when paying for their deliveries. It also removes the hassle of updating their card details on foodpanda’s platform when their card expires or undergoes replacement.

Cybersource, Visa’s agnostic global payment and fraud management platform, is part of Visa Acceptance Solutions. It provides on-demand pre-integrated payments solutions on an open payment platform. This allows platform partners to connect to a robust ecosystem of technological tools to quickly build solutions that can create seamless commercial experiences, help scale businesses, satisfy customers, and future-proof operations.

This partnership aims to reduce the costs and complexities of technical integrations, increase speed to market, and will help to improve foodpanda’s authorisation rate while offloading them from PCI-compliance requirements in multiple markets. 

This will not only help foodpanda deliver commercial and technological benefits, but also allow them to achieve operational simplicity with one consolidated platform to view transaction information across multiple markets. 

Luc Andreani, chief operations officer at foodpanda, said, “We understand the importance of delivering a great experience for our customers which is why we have partnered with Cybersource to leverage on their integrated payment solutions with local acquiring so that our customer checkout journey is intuitive and secure. Their proven security, stability and uptime has allowed us to focus on what matters – which is having our customers’ favourite meals, groceries and parcels delivered straight to their door.” 

Dan Parsons, head of Cybersource for Asia-Pacific at Visa, commented, “As an open payments platform with global reach, our integrations simplify the payment experience by streamlining multiple payment gateways, helping our partners accelerate their business growth. This partnership is just the beginning, and we will look to collaborate in other areas and deliver tailored and secure solutions that can enable further customer growth as well as enhanced customer experience for foodpanda.”

Manila, Philippines – Around 51% of women-led SMEs and 56% of microbusinesses in the Philippines saw revenue growth after they started accepting digital payments, new data from Visa recently revealed.

Considering that SMEs are important to the economy and that women make up more than half of the population in Asia, utilising women’s economic potential might boost the Asia Pacific region’s GDP by $89 billion a year, including the Philippines. 

According to the study, around 72% of the SMEs in the Philippines surveyed said that running their own business has gotten easier. Digital wallets—GCash in particular—dominate as the primary means of digital payment for SMEs, particularly those led by women (61%) according to a Philippine poll. Millions of unbanked Filipinos now have access to the advantages of having a payment card because of Visa’s partnership with GCash for the launch of the new GCash Card.

Out of all the companies that have begun to take digital payments, those that accept cards have seen the biggest gains in turnover (83%). Instantaneous transfers and cashless transactions are made possible by digital payments, improving the shopping experience. Visa helps small and medium-sized businesses (SMEs) in the Philippines by providing broad acceptance and strong security against fraud for both customers and merchants. 

The Philippines has over a million micro, small, and medium-sized enterprises (MSMEs), making them important for the nation’s economic development. 99.5% of the businesses in the Philippines are MSMEs, according to data from the Department of Commerce and Industry. Almost 50% of these enterprises are involved in wholesale and retail commerce, which accounts for 65% of all jobs in the nation. 

Guaya Melgar, CEO and co-founder of Mochi, said, “My business has grown since I introduced digital payment methods. I appreciate the convenience, speed, and the ability to easily track payment records. It provides my customers with a convenient cashless payment option too. I hope to expand my business beyond the Philippines so enabling cross-border payments will help me grow my customer base.” 

Meanwhile, Jeff Navarro, Visa’s country manager for the Philippines, stated, “Small and medium-sized businesses are the driving force behind the thriving economy in the Philippines. Visa is proud to contribute to their growth by providing secure and convenient digital payment solutions. Visa is committed to continuously supporting the Philippine government’s financial inclusion and digitization goals, including empowering SMEs, the cornerstone of the economy, by introducing innovative financial and payment solutions so they can build on this foundation to grow their business.”

Recently, Visa released an online toolbox for SMEs to help travel-related businesses take full advantage of contactless payments. Visa launched the SME Accelerator Program in the Philippines in 2023 with the goal of assisting partners and SMEs with competitive pricing, expedited onboarding, and comprehensive go-to-market support. The enhanced SME Accelerator programs will also concentrate on a broader range of collaborations with ecosystem players to assist smaller vendors and expedite the implementation of solutions for SMEs.

To help women-owned and underrepresented SMEs in APEC countries like the Philippines gain faster access, the Visa Foundation has committed to donate $100 million over the course of five years. Approximately 29.6 million SMEs are from APEC economies, and 10.9 million of the nearly 67 million SMEs that Visa has addressed globally are led by women. 

Philippines – Visa, a global payment solutions provider, is dedicated to increasing digital and financial inclusion in Southeast Asia by providing women and youth with digital and financial skills. This effort strives to promote long-term growth and prosperity. 

Southeast Asia’s young population, which makes up approximately a third of the region, as well as its SMEs and MSMEs, which account for 99% of all firms, are critical to economic growth. Visa is contributing to this success by increasing digital and financial literacy among women SME owners and young people.

In 2023, Visa will have digitally empowered 10 million SMEs in Asia-Pacific. The Visa Foundation has invested more than US$47m in the region, supporting two million women-led SMEs and sustaining 500,000 jobs. It just invested US$100m to APEC economies over a 5-year period.

According to an OECD assessment, women, people from specific ethnic minority groups, and rural regions have obstacles when it comes to fully embracing digital possibilities. These groups frequently face institutional and cultural barriers to growth, in addition to a predilection for unofficial funding. 

Stephen Karpin, regional president, Asia-Pacific, Visa, said, “In the Philippines, women and young people form a crucial engine propelling local economic growth. Visa utilises our resources and vast network to give back to the communities we operate in, particularly in promoting digital and financial inclusion. We believe in the transformative power of providing individuals and communities with global access to digital financial tools. As a key partner in Southeast Asia’s financial ecosystem, Visa is committed to reaching the most underserved communities, ensuring they too can reap the benefits of the digital economy.” 

Meanwhile, Kelly Tullier, vice chair, chief people and corporate affairs officer, Visa, added, “At Visa, we are dedicated to empowering women, particularly those running small businesses, to set them up for success. My trip to Vietnam reinforced how contributions within local communities are most impactful when done in concert with leaders on the ground. We met Visa Foundation partner, WISE Vietnam (Women’s Initiative for Startups and Entrepreneurship), which has supported 100,000 women entrepreneurs in Vietnam with access to digital tools to grow their businesses. 

“Meanwhile, Visa’s partnership with The Asia Foundation enables us to work with government agencies and microfinance institutions to support local businesses and help the digital economy thrive. By supporting each other, we lay the groundwork for equitable futures for all,” Tullier added. 

Visa and the Visa Foundation form strategic partnerships to promote digitisation and financial inclusion in Southeast Asian communities. 

In line with Visa’s financial literacy initiative in the Philippines, which began in 2017, has trained over 36,000 students and teachers in 64 schools spread across 21 cities. Visa collaborates with Tanghalang Pilipino, the Cultural Center of the Philippines’ resident theatre troupe, and Teach for the Philippines (TFP), a non-profit organisation supported by the Bangko Sentral ng Pilipinas. 

The program includes a Tagalog skit that was performed in classrooms and eventually developed into two online series about financial literacy. In order to promote student development programs and leadership development projects that place transformative teachers and changemakers in schools and education governance organisations, TFP recently received a grant from the Visa Foundation. 

Meanwhile, in Indonesia, Visa provided women-led Indonesian SMBs with the tools they needed to drive financial and digital inclusion. Since its launch in 2017, the “Ibu Berbagi Bijak” (Women Sharing Wisdom) financial literacy initiative has benefited over 1,400 women, including more than 1,000 women-led MSMEs in Central Java, Yogyakarta, Bali, and West Java, through training, mentorship, and business matching. This project received backing from regional governments, Bank Indonesia, the Financial Services Authority, and key ministries such as the Ministry of Tourism and Creative Economy and the Ministry of Cooperatives and Small and Medium Enterprises. 

Additionally, the Visa Foundation’s partnership with UN Women and the Swiss Association for Entrepreneurs in Emerging Markets produced a program that provides business coaching, networking opportunities, and funding to women-led care firms. Following program completion, the first cohort touched over 6,500 employees and independent caregivers in addition to over 27,000 care beneficiaries. 

In Vietnam, Visa’s ‘Accelerate My Business’ program, developed in collaboration with The Asia Foundation and the Center for Women and Development, assists ethnic minorities, youths, and female Vietnamese company owners. This initiative delivers basic financial, commercial, and digital expertise to micro and SME owners in disadvantaged communities, with the goal of empowering 25,000 female company entrepreneurs over the next three years.

Additionally, Visa provides help to households and ethnic minority communities under a three-year Memorandum of Understanding signed with the State Bank of Vietnam in 2023, in collaboration with the Committee for Ethnic Minority Affairs. Improving financial and business literacy in Vietnam is the goal of the yearly Financial Literacy Program, which was founded in 2012 in collaboration with the Vietnam Students’ Association Central Committee. 

Furthermore, in Cambodia, Visa works with the Ministry of Women’s Affairs in Cambodia (MoWA) and the National Bank of Cambodia (NBC) to empower women through financial literacy and entrepreneurship programs. Since 2020, Visa, MoWA, and NBC have collaborated on a four-year initiative called “Promoting Financial Literacy for Women and Women Entrepreneurs,” which has benefited over 10,000 female entrepreneurs and students. 

Visa is committed to coordinating its social impact initiatives with the objectives of the National Bank of Cambodia (NBC), in light of NBC’s progressive pledge in its National Financial Inclusion Strategy 2019–2025 to cut the percentage of women who are financially excluded by half, from 27% to 13%. 

Over 1,200 women entrepreneurs in the Philippines and Cambodia have benefited from The Visa Foundation’s cooperation with The Asia Foundation. Over 800 women entrepreneurs in 12 provinces in Cambodia were given access to cash, financial education, business training, and online markets through the project’s use of pre-existing e-commerce platforms. 

Manila, Philippines – Global digital payments company Visa has launched its latest resource offerings to assist Filipino merchants, especially small and medium-sized businesses (SMEs).

Taking full advantage of Visa’s digital payment solutions, this online toolkit aims to optimise the customer shopping experience and increase sales, particularly in the Philippine tourism sector.

This is part of Visa’s commitment to empower Filipino SMEs and boost tourism, a crucial growth sector for the economy, by helping more merchants offer seamless contactless payments.

The SME online toolkit offers merchants detailed, step-by-step instructions in English, including a script for cashiers on how to initiate and complete digital payment transactions.

The toolkit describes how most Visa cards have the contactless feature as identified by the symbol and includes instructions on how customers can tap the terminal with their card themselves to make payments.

Additionally, this toolkit offering from Visa comes alongside its other efforts to promote tourism in the Philippines, with its participation in the Philippine Department of Tourism’s tourism summit as a panel, as well as a partnership with the Pacific Association of Tourism (PATA) wherein Visa led a workshop trained tourism SMEs on financial, risk management, digital skills, and highlighting digital payments preferred by tourists.

Talking about this initiative, Jeff Navarro, country manager for Visa Philippines, said, “Visa is committed to empowering businesses with the latest payment technologies and enabling contactless payments to support the growth of tourism in the Philippines. With Visa’s new SME online toolkit, we hope to facilitate the widespread adoption of digital payments among SMEs, addressing the needs of the travel ecosystem and aligning with the preferences of today’s travellers.”

Singapore – Visa has announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia-Pacific. For the company, this space enables stakeholders to engage with Visa technologists to co-create payments solutions ahead of demand, deliver scalable innovation, and address the biggest challenges and opportunities in digital payments in the region.

The Visa Singapore Innovation Center represents Visa’s vision of shaping tomorrow’s payments possibilities. Showcasing the transformative power of technologies like artificial intelligence (AI) in retail and payments, and reimagining modern credentials for enhanced security and convenience.

Moreover, it also serves as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups.

The Singapore Innovation Center is part of Visa’s network of eight regional innovation centres worldwide. It plays a pivotal role in driving regional payments innovation in Asia, addressing the local market needs of Visa’s Asia-Pacific clients, and ultimately driving forward the company’s global mission and strategy to deliver innovative, future-proof and secure payments that enable individuals, businesses and economies to thrive.

Stephen Karpin, president for Asia-Pacific at Visa, said, “At Visa, we’re bringing ideas to life in a way that’s truly unique to the Singapore Innovation Center, a dynamic hub where we transform innovative concepts into practical solutions. We’re dedicated to helping businesses discover valuable insights early so they continue to stay ahead in the rapidly digitalising payments landscape.”

He added, “By combining our expertise with cutting-edge technology and solution architecture, we work alongside our partners to materialise solutions that address payment challenges, driving real business value and growth for our client.”

Meanwhile, Png Cheong Boon, chairman at Singapore Economic Development Board, commented, “The Visa Singapore Innovation Center deepens the longstanding partnership between Visa and Singapore, and enables Visa to tap into our vibrant innovation ecosystem to develop new solutions and create new business opportunities for the global market. We look forward to strengthening and expanding this close partnership with Visa and also hope to encourage more global companies to undertake such activities in Singapore.”

Singapore – A new survey from YouGov notes that DBS Paylah! was the most viewed payment provider by Singaporean consumers over the past 12 months, followed by Visa; in terms of which payment brand has the strongest brand equity amongst consumers in Singapore.

According to the survey, DBS Paylah! achieved the highest index score (27.5) in contrast to other payment provider players. For context, the index score is an overall measure of brand health, calculated as the average of its impression, quality, value, corporate reputation, customer satisfaction and recommendation scores.

Visa is the next most favourably viewed insurance brand (25.3) by consumers – followed by Mastercard (23.6), American Express (9.9) and UnionPay (1.3).

The survey also noted that DBS Paylah! also saw the largest year-on-year improvement in Index scores (+0.5), ahead of UnionPay (+0.4). In contrast, Mastercard (-2), Visa (-1.9) and American Express (-0.9) saw its average Index score dip year-on-year.

In terms of advertising awareness amongst consumers, DBS Paylah! Still ranked first, with almost one in four (24.2%) consumers, on average over the past year, recalled seeing its ads. Meanwhile, Visa (12.3%) and Mastercard (10.1%), and had the next highest ad awareness, while less than a tenth of consumers recalled seeing advertisements from American Express (6.3%) and UnionPay (1.4%).

Continuing on ad awareness, DBS Paylah! was the only leading payment provider that saw a year-on-year improvement in its ad awareness (+2.8%). American Express saw no change in its annualised ad awareness scores across years, while other payment providers registered a year-on-year dip in their advertising awareness: Mastercard (-1.8%), Visa (-1.2%) and UnionPay (-0.6%).

Lastly, DBS PayLah! also enjoyed the highest Purchase Consideration across major payment providers in 2023. When asked about which providers they were considering to process their next purchases, about two in five (41.4%) consumers, on average over the past year, selected DBS PayLah!.

In comparison, around a quarter say they were considering Visa (26%) and Mastercard (24.5%), while less than a tenth said the same for American Express (8.9%) and UnionPay (1.8%).