Digital wallets have emerged as a dominant force in Singapore’s payment landscape, according to Worldpay’s 10th annual Global Payments Report. The report highlights that digital wallets accounted for 39% of online transaction value in Singapore in 2024, a significant increase from just 7% in 2014. This trend is expected to continue, with digital wallets projected to represent 47% of e-commerce spend in Singapore by 2030.
The report underscores the rapid adoption of digital wallets in the Asia-Pacific (APAC) region, where they have become the leading online payment method in eight out of 14 markets, including Singapore. 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 for Singaporeans, with 70% preferring to fund their digital wallets using this method. In 2024, cards accounted for 51% of point-of-sale (POS) transactions and 50% of online transaction value in Singapore.
The report also highlights the growing popularity of the buy now pay later (BNPL) trend, which represented 3% of all e-commerce transaction value in Singapore in 2024. Globally, BNPL is expected to grow at a compound annual growth rate of 9% through 2030.
As Singapore’s e-commerce market is projected to reach $27.5b (S$37.5b) by 2030, the continued evolution of payment methods will play a crucial role in shaping the future of commerce in the region.
“`
