The most popular payment methods in Singapore

With a population of 5.6 million, Singapore’s e-commerce market has grown to $14.8 billion. Thanks to its position as a regional hub in Southeast Asia, the country attracts both local and international retailers, spurring fierce competition and innovation.

Initiatives such as the Smart Nation program have played a pivotal role in modernising digital infrastructure, ensuring that businesses are well-equipped to meet the demands of a fast-changing market. Overall, the combination of technological advancements, proactive regulatory frameworks, and dynamic consumer behaviour continues to propel Singapore’s e-commerce landscape. Its thriving digital payment ecosystem is already embraced by 93% of the population, driving rapid growth.

Singapore’s e-commerce market is worth US$14.8 billion and is predicted to grow to US$21.9 billion by 2027.

Digital payments at POS have been driven by the Singapore Quick Response Code (SGQR), the world’s first unified payment QR code. In 2023, the Monetary Authority of Singapore (MAS) introduced an upgrade to the system, SGQR+, that allows merchants to accept 23 payment methods by signing up with just one financial institution.

According to a recent report, wallets grew 32% in 2023 year over year to account for 22% of POS transaction value. The successes to date of the SGQR, and the increasing interoperability of regional payment systems, have led to a strong growth forecast for wallets: a POS of 22% CAGR between 2023-2027 that will propel them to a 44% share by 2027.

Singapore has a highly connected population with one of the highest internet penetration rates in the region, enabled by extensive 4G connectivity and a standalone 5G network. This is supported by a nationwide digitalisation strategy, driven by the Monetary Authority of Singapore's (MAS) vision of an innovative and connected society.

As a result, it allows the country to be one of the most advanced in Southeast Asia in cashless adoption, and to have the highest average transaction value of digital payments in the region (approximately US$3.2 thousand per user). These innovations build on an already well-established payment environment, with the population enjoying nearly universal access to bank accounts and one of the highest credit card penetration rates in Asia.

According to a survey by Rakuten Insight on e-payment usage, 93% of Singaporean respondents stated that they had made a transaction using digital payment methods.

The most popular digital wallets in Singapore are GrabPay, PayLah!, FavePay, ShopeePay and Google Pay.

According to the Singapore Economic Development Board (EDB), the country's various payment systems are reliable and the overall credit card penetration is very high, which is attractive as a target market for cross-border e-commerce.

According to multiple reports, a significant majority of online shoppers in Singapore, around 73% have purchased goods from overseas online stores, meaning they engage in cross-border shopping; with one report stating 62% of Singapore's cross-border e-commerce comes from China specifically.

The preferred payment methods in Singapore are credit and debit cards, followed by digital wallets, then A2A and prepaid cards.

Popular payment methods in Singapore include credit and debit cards, direct bank transfers like PayNow, mobile wallets like Apple Pay, and Buy Now, Pay Later (BNPL) services like Atome and Grab PayLater.

Integrating APMs into your business can drive tangible benefits. Offering familiar, trusted payment options, allows you to streamline transactions, reduce cart abandonment, and meet customer demand for cashless payments.

Ecommpay supports multiple payment methods in Singapore, including virtual accounts, digital wallets, and QR code solutions.

A trusted, real-time payment solution allowing individuals and businesses to make secure transactions. Thanks to its QR code capabilities and high security (regulated by the Monetary Authority of Singapore), PayNow is a preferred choice for businesses and customers alike.

PayPal is a widely used digital payment platform that enables you to pay, send money, and accept payments globally, without revealing your financial details.

Neteller e-wallet is a free online payment account that can be used to make deposits and payments for goods on thousands of sites. It can also be used to accept payments from other sites or individuals. Many customers come to Neteller after their payment cards are declined on a merchant site or because they don`t want to enter their payment card details on multiple sites.

Skrill is a payment system that provides online payments and allows you to make simple, secure and fast funds transfers to millions of customers in more than 200 countries and 40 different currencies.

At Ecommpay, we are committed to supporting our customers in growing their businesses into new markets. Our experts can advise you on the payment methods you need to reach new customers in Singapore and successfully increase your conversion rates.

Let's grow, together.