Digital wallets dominate Singapore’s e-commerce payments value

Cards remain the top choice for point-of-sales (POS) spending, according to Worldpay.

Digital wallets continue to be the dominant mode of payment for e-commerce purchases in Singapore, making up over 39% of the value in 2024, according to data from Worldpay.

However, this is a decline from the 47% share of the value recorded in 2023.

Credit cards (37%) followed, rising from just 26% of the total value a year earlier; then debit & pre-paid cards (12%).

Buy now pay later made up just 3% of Singapore’s e-commerce transaction value, and cash is at a measly 1% of the total.

In point-of-sales (POS), cards remain dominant, representing 51% of all spending and 50% of online transaction value, Worldpay said.

“As demand for seamless and efficient payment experiences continuously grows, digital wallets are set to remain a mainstay in Singapore’s and the APAC region’s payment landscape,” said Phil Pomford, general manager, Global eCom, APAC, Worldpay.Globally, digital wallets account for over half 

(53%) of global e-commerce transactions value in 2024.

Pomford and Worldpay expect this number to rise, with digital wallets predicted to make up 65% of all e-commerce spend globally by 2030.

Singapore’s e-commerce market size is expected to reach S$37.5b by 2030, growing 8% CAGR from its 2024 estimated value of SGD$22.8b.