Singapore

Singapore

General Information

  • Population 5.9 m
  • Population 15 + 5.2 m
  • Online Population 5.2 m
  • Area 728.6 km2
  • Currency SGD
  • GDP 385.7 bn USD
  • GDP per Capita 65,379 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"52"},{"label":"Cash-based payments","value":"1"},{"label":"Bank transfer","value":"12"},{"label":"Wallets","value":"29"},{"label":"Other","value":"6"}]
Banked population
  • Singapore 98%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Singapore 51%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Singapore 88%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Singapore 90%
  • Asia Pacific 71%
  • World 70%

PayNow from Singapore and DuitNow from Malaysia have announced plans to link together which will allow customers to make fund transfers between the two countries using just a mobile number. The first stage of the link is due to begin during the fourth quarter of 2022.

Singaporean social commerce is set to grow by 77.5% in 2022 to reach a growth of USD940.9m, with orders increasing by 30% and gross merchandise value by almost 25%.

The value of payments made by card in 2022 is set to grow by 8% and should continue to grow until 2025 which it reaches a value of USD96.6bn.

Shopee.sg was the most popular Singaporean e-commerce store in July 2022 with 12.2m visits.

Future e-commerce trends (2021-2026)

E-Commerce market size forecast ($US billion)
2022 11.2
2023 13.0
2024 14.7
2025 16.4
2026 17.9
E-Commerce spending per capita ($US)
2022 2036
2023 2330
2024 2626
2025 2905
2026 3152
E-Commerce spending as % of GDP
2022 2.9%
2023 3.2%
2024 3.5%
2025 3.8%
2026 4.0%

Singapore

The E-Commerce Market

Top e-commerce segments

  1. Electronics & Media: 29%
  2. Fashion: 26%
  3. Food & Personal Care: 22%
  4. Furniture & Appliances: 14%
  5. Toys, Hobby & DIY: 9%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 49%
  2. Value of cross-border e-commerce – 2.8 bn USD
  3. Online shoppers who have shopped cross-border – 78%

Top cross-border shopping origin markets

  1. China: 62%
  2. South Korea: 19%
B2C E-commerce Growth 20->21
  • Singapore 23.9%
E-commerce % of total retail
  • Singapore 14%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Singapore 60%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
  • Other
[{"label":"Visa","value":"27"},{"label":"Mastercard","value":"19"},{"label":"American Express","value":"3"},{"label":"Local Schemes","value":"49"},{"label":"Other","value":"2"}]
  • E-commerce market size 9.4 bn USD
  • E-Commerce spending per capita 1,725 USD
  • E-commerce spending as % of GDP 2.5%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Singapore

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 eNETS Type Bank transfer Regions Asia Pacific Market relevance High GrabPay Type Wallet Regions Asia Pacific Market relevance High Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High 123 Type Bank transfer, Cash Regions Asia Pacific Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High DBS Paylah! Type Wallet Regions Asia Pacific Market relevance High EZ-Link Type Local payment card Regions Asia Pacific Market relevance High FavePay Type Wallet Regions Asia Pacific Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Masterpass Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Pay Type Wallet Regions Asia Pacific Market relevance High Samsung Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High ShopeePay Type Wallet Regions Asia Pacific Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High 7-Eleven Type Cash Regions Asia Pacific, Middle East & Africa, North America Market relevance Medium Huawei Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS Market relevance Medium PayNow Type Bank transfer Regions Asia Pacific Market relevance Medium SAM Type Wallet Regions Asia Pacific Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 NETSPay Type Wallet Regions Asia Pacific Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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