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

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 – 49%
Value of cross-border e-commerce – 2.8 bn USD
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 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