Digital wallets have become a dominant force in Singapore’s payment landscape, according to Worldpay’s 10th annual Global Payments Report. The report reveals that digital wallets accounted for 39% of online transaction value in Singapore in 2024, a significant rise from 7% in 2014. At point of sale (POS), digital wallet usage surged from 1% to 29% over the same period.
Singapore’s e-commerce market is projected to grow from $16.7b (S$22.8b) in 2024 to $27.5b (S$37.5b) by 2030, with digital wallets expected to represent 65% of global e-commerce spend by then. Phil Pomford, General Manager of Global eCom, APAC at Worldpay, noted, “APAC consumers have long led the way globally with digital payment adoption. Singapore stands out as a regional leader due to its robust digital infrastructure and tech-savvy population.”
Despite the rise of digital wallets, credit cards remain a popular choice in Singapore, comprising 51% of POS spend and 50% of online transaction value in 2024. Notably, 70% of Singaporeans prefer funding their digital wallets with cards.
The report also highlights the growing trend of buy now pay later (BNPL) services, which accounted for 3% of Singapore’s e-commerce transaction value in 2024. Globally, BNPL is expected to grow at a 9% compound annual growth rate through 2030.
Worldpay’s findings underscore the rapid evolution of payment methods in Singapore, setting a benchmark for other markets in the Asia-Pacific region. As digital wallets continue to gain traction, they are poised to reshape the future of payments both locally and globally.
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