As the digital economy continues to grow rapidly, Singapore and the Philippines are emerging as two of the leading countries, according to Visa’s 2025 Money Travels report. The data comes from a survey of 44,000 senders and receivers across 20 countries and territories, covering transactions valued at about US$905 billion.
What Is the Adoption Rate?
The adoption rate of digital remittances refers to the percentage of people who use digital platforms to send or receive money. It shows how many individuals transfer funds internationally through channels like mobile apps, online banking, or e-wallets. This metric also reflects how quickly a country is embracing modern, secure, and convenient financial solutions.
Adoption Levels in the Philippines and Singapore
Visa’s data revealed that the Philippines recorded one of the highest adoption rates of digital remittances, with 74% of senders and 66% of receivers using digital platforms.
Singapore also ranked closely to the Philippines, with adoption rates reaching 70% among senders and 75% among receivers.
These figures highlight how digital remittances are increasingly becoming the preferred method for households, especially in the Philippines and Singapore.
Why Adoption Is High in Both Countries
Several factors contribute to the strong adoption of digital remittances in the Philippines and Singapore.
For Filipinos, digital remittances are seen as the fastest way to access funds. They use them for regular transfers, unexpected expenses, and personal emergencies. Interestingly, Visa’s data also shows that 100% of respondents aged 65 and above are now using digital apps to send money overseas, showing adoption across almost all age groups.
Similarly, Singaporeans view digital remittances as the quickest and most reliable way to send or receive money. In Singapore, the main reasons include account transfers, investments, humanitarian needs, and children’s education fees. The country also provides strong online security measures, while government support has been vital in encouraging the shift toward digital remittances. Additionally, with nearly 99% internet penetration, Singaporeans can easily access digital financial services.
Popular Payment Methods in the Philippines
- Digital wallet
- Credit cards
- Account-to-account (A2A) transfers
- Cash on Delivery (COD).
Digital wallets are the most widely used payment method in the Philippines, with GCash as the largest e-wallet and a go-to choice for many Filipinos. Other popular local e-wallets include CoinsPh, Maya, QRPh, and GrabPay. Following digital wallets, credit cards are the second most common payment option, followed by account-to-account (A2A) transfers and Cash on Delivery (COD).
Popular Payment Methods in Singapore
- Credit cards
- Digital wallets
- Bank transfers, buy now, pay later (BNPL)
- Cash on delivery.
In Singapore, credit cards remain the most preferred payment method, with 73% of consumers owning at least one card and 6% holding up to six cards. This method is especially popular among older generations. On the other hand, younger consumers such as millennials and Gen Z prefer digital wallets like Apple Pay and Google Pay Wallet, which are predicted to surpass credit cards in popularity in the near future. Other favored payment methods in Singapore include bank transfers, buy now, pay later (BNPL), and cash on delivery.
This adoption of digital remittances in the Philippines and Singapore reflects their broader digital transformation in those countries. With this rapid transformation, both countries are ready and setting the pace for the future of global remittances.
