Singapore Wallet Market (2025-2031) | Companies, Share, Revenue, Industry, Outlook, Forecast, Value, Analysis, Size, Trends & Growth

Topics Covered in the Singapore Wallet Market

Singapore Wallet Market report thoroughly covers the market by product type, by material, by distribution channel. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Singapore Wallet Market Synopsis

Singapore Wallet Market is likely to grow in the forecast year due to various factors, including the increase in mobile phone penetration and online shopping. The adoption of digital wallets has also been driven by the convenience they offer in terms of making payments. With a few clicks, consumers can make payments for goods and services, transfer money to other people, and even pay bills. This convenience has led to increased usage of mobile payment services, which in turn has led to increased competition among digital wallet providers. The Singapore wallet market has witnessed rapid growth in recent years, on the account of the increasing smartphone usage and the government's push towards a cashless society.

According to 6Wresearch, the Singapore Wallet Market size is projected to grow at the CAGR of 11% during the forecast period of 2025-2031. Several factors contribute to the growth of the Singapore wallet market, and one of the most significant drivers is the increasing adoption of digital payments. Singapore's government has been promoting cashless payments and digital transactions to create a more efficient and secure payment ecosystem. Another driver is the increasing number of e-commerce platforms, as consumers are now more inclined to shop online. Singapore's growing young population, which is technology-savvy, also plays a significant role in driving the market's growth. The adoption of digital wallets in Singapore has been driven by the increasing use of smartphones, rising internet penetration, and growing security concerns among consumers. Singapore also has a highly efficient and secure financial system, with a strong focus on cybersecurity measures. The government has actively promoted the adoption of electronic payments through various initiatives like the SGQR code, which allows consumers to make payments using a single QR code and the launch of PayNow, a peer-to-peer funds transfer service. Despite the growth of the Singapore Wallet Industry, some challenges need to be addressed. One of the significant challenges is that many consumers are still reluctant to use mobile wallets for digital payments. This can be attributed to a lack of trust or awareness of the security measures put in place to protect their information. The vast number of payment options available is also a challenge, making it difficult for consumers to choose the right one.

Government policies and schemes introduced in the Singapore Wallet Market

To promote the use of digital payments and mobile wallets, Singapore's government has launched several initiatives. The Smart Nation initiative aims to encourage businesses to adopt digital technologies to improve their productivity and efficiency. The Monetary Authority of Singapore (MAS) has also launched the SGQR code payment system, which allows merchants to accept multiple payment types through a single QR code.

Leading players in the Singapore Wallet Market

The Wallet market in Singapore has several key players, including GrabPay, PayLah!, FavePay, and Dash. GrabPay is one of the most popular mobile wallets in Singapore, with around 5 million users. PayLah! is another popular digital wallet owned by DBS Bank, with over 2 million users. FavePay is also a popular digital wallet used by consumers for cashback and discounts, and Dash is a digital wallet that allows users to top up their mobile phones.

Market analysis by Product type 

The Singapore wallet market has been segmented into two types based on their length - short wallet and long wallet. Short wallets are easy to carry and can fit into almost any pocket. On the other hand, a long wallet might have a more significant capacity to store items, with more sections for coins, cards, and notes. Short wallets are expected to be dominant than long wallets in the coming years.

Market analysis By Material  

Leather and fabric are the two most commonly used materials in the wallet market. Leather wallets are considered to be of high quality and last longer. They are also more expensive than fabric wallets. However, fabric wallets are preferred by people who wish to have a broader range of designs, colors, and patterns. The trend is expected to favour leather wallets, primarily because of the durability and versatility in usage.

 Market Analysis by Gender

Male, Female, and Kids are the three categories in which the Singapore wallet market is divided by gender. Previously, wallets were considered a predominantly male accessory. However, with a rise in women's financial independence, female wallets' popularity has grown in recent times. Kid's wallets are marketed towards a younger audience, with bright colors and cartoon designs. The male segment of the wallet market is still expected to dominate in the coming years, albeit with stiff competition from the female segment.

Market analysis By Distribution Channel

According to Ravi Bhandari, Research Head, 6Wresearch, Wallets are available both online and offline. Online channels are preferred because they offer the convenience of browsing through different options from your home. In contrast, offline channels offer a real-life experience and can help customers have a better understanding of the products. Over the years, online channels have been gaining traction in the market, with many retailers shifting their focus to digital marketing. With the pandemic, online channels are expected to grow even more in the coming years.

Key attractiveness of the report

• 10 Years Market Numbers.
• Historical Data Starting from 2021 to 2024.
• Base Year: 2024.
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Singapore Wallet Market Outlook
• Market Size of Singapore Wallet Market, 2024
• Forecast of Singapore Wallet Market, 2031
• Historical Data and Forecast of Singapore Wallet Revenues & Volume for the Period 2021-2031
• Singapore Wallet Market Trend Evolution
• Singapore Wallet Market Drivers and Challenges
• Singapore Wallet Price Trends
• Singapore Wallet Porter's Five Forces
• Singapore Wallet Industry Life Cycle
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Product Type for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Short Wallet for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Long Wallet for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Material for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Leather for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Fabric for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Gender for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Men for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Women for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Kids for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Distribution Channel for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Online for the Period 2021-2031
• Historical Data and Forecast of Singapore Wallet Market Revenues & Volume By Offline for the Period 2021-2031
• Singapore Wallet Import Export Trade Statistics
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Material
• Market Opportunity Assessment By Gender
• Market Opportunity Assessment By Distribution Channel
• Singapore Wallet Top Companies Market Share
• Singapore Wallet Competitive Benchmarking By Technical and Operational Parameters
• Singapore Wallet Company Profiles
• Singapore Wallet Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product Type

• Short Wallet
• Long Wallet

By Material

• Leather
• Fabric

By Gender

• Men
• Women
• Kids

By Distribution Channel

• Online
• Offline