Singapore’s e-commerce market size is expected to reach SGD$37.5 billion by 2030, growing 8% CAGR from its 2024 estimated value of SGD$22.8billion, according to the 10th edition of the Worldpay® Global Payments Report (GPR).
In what has been a decade of continuous payment innovation, digital wallets accounted for over half (53%) of global ecommerce transaction value in 2024, while at point of sale (POS) 32% of spend was made via digital wallets.
This is expected to continue to rise with digital wallets predicted to represent 65% of all e-commerce spend globally by 2030. Today, APAC is at the forefront in this adoption, with digital wallets becoming a leading online payment method for 8 out of 14 APAC markets, including Singapore.
The GPR is a comprehensive annual study providing valuable insights into the trends that have defined the past, present and future of payments. This year’s report looks back at a decade of data to highlight the seismic shifts in payment habits since its launch while looking at the trends that will shape payments through 2030.
“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.
“APAC consumers have long led the way globally with digital payment adoption. While this has sometimes been skewed by the dominance of digital payments adoption in China, more recently the picture has become more balanced, with Singapore standing out as a regional leader.
“The country’s robust digital infrastructure and tech-savvy population have accelerated the shift, setting a benchmark for other markets in the region.”
Worldpay’s decade of GPR analysis shows that in Singapore, online spend via digital wallets has grown more than fivefold, increasing from 7% of transaction value in 2014 to 39% of transaction value in 2024.
While at POS the adoption has been even more significant, increasing from just 1% of spend in 2014, to 29% in 2024. The mix of both local and international digital wallet brands provides Singaporean consumers with choice at checkout.
Although digital wallets have soared in popularity, Singaporean consumers remain loyal to cards. In 2024, cards were the leading choice of payment at POS, representing 51% of all spend, and 50% of online transaction value.
They also dominate within digital wallets, with over 70% of Singaporean consumers surveyed indicating cards are their preferred way to fund digital wallets*.
The buy now pay later (BNPL) trend is holding strong globally, with BNPL e-commerce value growing from SGD$3 billion in 2014 to SGD$458 billion in 2024. Worldpay forecasts that globally the BNPL online value will grow at 9% CAGR through 2030 to roughly SGD$777 billion.
In 2024 in Singapore, BNPL represented 3% of all e-commerce transaction value, with 64% of Gen Z and millennial consumers surveyed in Singapore saying they use this as a payment method. Across APAC, BNPL accounted for 4% of all e-commerce spend in 2024.
