Singapore's First Multi-Currency Mobile Wallet YouTrip Sees 20% Growth in Consumer Spending On Global E-Commerce Platforms

Popular overseas shopping sites have recorded month-on-month transaction volume growth,such as Taobao (111%),ASOS (60%),Alibaba (41%),Aliexpress (17%)

Local e-commerce sites like EZbuy (65%) and Lazada (11%) are hot favourites among Singaporeans

Food delivery services grew exponentially between February and March,withPizzaHut Delivery in the lead at 49%,Domino's Pizza (43%),and Foodpanda (35%)

The biggest e-commerce spending growth came from the Gaming category,with Nintendo raking in 278% growth from February to March

SINGAPORE,April 24,2020 --YouTrip,Singapore's first multi-currency mobile wallet with over 500,000downloads,hasnotedashiftinuserspendinghabitsoverthepastmonths.Inlightofthe COVID-19 pandemic,both foreign and domestic e-commerce spending has shown resilience in the Singapore market. The top 3 foreign currencies transacted in the month of February include USD,GBP andAUD.

Singapore’s First Multi-Currency Mobile Wallet YouTrip Sees 20% Growth in Consumer Spending On Global E-Commerce Platforms

When travel restrictions were heightened in February,YouTrip observed a 20% increase in e- commerce spending via YouTrip's prepaid Mastercard,in both foreign and domestic categories. This follows the trend reported by a Nielsen study that states online purchases of FMCG have reached 8% in February this year,compared to 6% of total e-commerce spending in 2019.

Have Internet,Will Shop

With circuit breaker measures and travel restrictions in place,YouTrip is seeing a steady flow of foreign transactions take place online instead. The top 5 e-commerce spending categories are Gaming,Fashion,Home Decor,Health and Supplements and Electronics. Popular foreign e- commerce sites have experienced a boom in spending,with the top sites like Taobao seeing a 111% growth rate,with ASOS in second place with a 60% increase,Alibaba in third at 41%,and Aliexpress at 17%.

CaeciliaChu,Co-FounderandCEOofYouTrip,said:"Whatisequallyimportanttousnowisthat wearehereforourusersandsupportingthemthroughtimesofuncertainty.We'vemostrecently introduced a new COVID-19 refund policy to help them process any travel-related refunds back intotheirlinkedbankaccounts,asourcommitmenttowardsputtingusersfirstremainssteadfast.

YouTripgivesusersaccesstocompetitivewholesaleexchangerateswhereuserscanexchange over 150 foreign currencies in real-time,with no extra fees. These features mean users can pay in different currencies with a single card,simplifying the way they spend on globalsites.

Although YouTrip is primarily a travel card,many users are using YouTrip's prepaid Mastercard to make purchases within Singapore as well,primarily in the shopping,food and grocery categories.YouTripsawanincreaseforlocale-commercesitesEZbuy(65%),andLazada(11%); food delivery from PizzaHut Delivery (49%),Foodpanda (35%),McDonald's(19%),andDeliveroo(13%).Onlinegrocerycompanieshavealsoseenstronggrowth as the demand for grocery deliveries spike during this period,NTUC online leads at 226%,PrimeNow (13%),EA Mart(8%).

Play At Home While You Stay At Home

Gamingwasthecategorythatshowedthegreatestgrowthamongthecategories.As consumers turn to games for entertainment,consoles like the Nintendo Switch has seen global supplyshortages.YouTriphasseenthelargestincreaseforpurchasesfromNintendoinforeigncurrency-sincetheAUDexperienceda dip against SGD in mid-March.NintendopurchasesmadeviaAUD increased 278%,with JPY at 76%,and purchases made in SGD at a 57% increase. PlayStation and Steam Games have also seen increases,at 60% and 50%respectively.

Theimplementationofremoteworkpolicieshasresultedinusersalsocravingmoreentertainment and communication. YouTrip saw an increase in transactions for entertainment subscription services with users preferring to go for Amazon Prime (26%),Netflix (14%),and Spotify (15%). The shift to telecommuting has also resulted in a huge increase in demand for paid video conferencing services such as Zoom (212%),and Skype(129%).

"YouTripwascreatedtohelpsolvethecrossborderpaymentdilemmaandduringthisperiod,we arededicatedtohelpingouruserssaveonforeigncurrencytransactionsonline,eveniftheyaren't physically travelling," addedCaecilia.

About YouTrip

YouTrip is a regional financial technology startup,dedicated to creating the best mobile financial services for travellers across Southeast Asia by simplifying overseas spending and creating a fuss-free travel experience. YouTrip first launched in Singapore in 2018 and subsequently in Thailand in 2019.

For more information,please visit you.co/sg

Photo - https://photos.prnasia.com/prnh/20200423/2784810-1?lang=0