Find out how people pay in 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 $US
GDP per capita 65,379 $US

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 76%
World 67%

Credit card penetration

Singapore 51%
Asia Pacific 29%
World 19%

Internet penetration

Singapore 88%
Asia Pacific 61%
World 62%

Smartphone penetration

Singapore 90%
Asia Pacific 62%
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 940.9 m $US, 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 96.6 bn $US.

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

Future e-commerce trends (2021-2026)

B2C e-commerce ($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

Electronics & Media: 29%
Fashion: 26%
Food & Personal Care: 22%
Furniture & Appliances: 14%
Toys, Hobby & DIY: 9%

Cross-border e-commerce

Cross-border proportion of total e-commerce – 30%
Value of cross-border e-commerce – 2.8 bn $US
Online shoppers who have shopped cross-border – 78%

Top cross-border shopping origin markets

China: 62%
South Korea: 19%

B2C e-commerce growth 20->21

Singapore 23.9%

E-commerce % of total retail

Singapore 14%
Asia Pacific 29%
World 20%

E-commerce completed on a mobile device

Singapore 60%
Asia Pacific 65%
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 $US
E-commerce spending per capita 1,725 $US
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 Cryptocurrency 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 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

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