Singapore’s e-commerce market is expected to grow to S$37.5 billion (about $28.92 billion) by 2030. This is an increase of 8% each year, starting from an estimated value of S$22.8 billion (around $17.59 billion) in 2024, according to the 10th edition of the Worldpay Global Payments Report.
The report says that in 2024, digital wallets made up more than half (53%) of all online shopping transactions worldwide. Also, 32% of purchases were made at stores using digital wallets.
This trend is expected to keep growing, with digital wallets making up 65% of all online shopping spending worldwide by 2030.
Right now, Asia Pacific (APAC) is leading the way in using digital wallets. Digital wallets are the most popular online payment method in 8 of 14 APAC countries, including Singapore.
“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.
“People in Asia Pacific (APAC) have always been ahead of the world when it comes to using digital payments. While China has been a major influence, recently the trend has become more even, with Singapore emerging as a regional leader.”
“The country’s robust digital infrastructure and tech-savvy population have accelerated the shift, setting a benchmark for other regional markets,” he added.
Over the past decade, Worldpay’s report shows that in Singapore, the amount spent online using digital wallets has grown more than five times. It went from just 7% of total transactions in 2014 to 39% in 2024.
At stores, the use of digital wallets has grown even more. It went from just 1% of spending in 2014 to 29% in 2024.
Singaporean shoppers have various options at checkout because local and international digital wallet brands are available.
Even though digital wallets are becoming more popular, people in Singapore still prefer using cards.
In 2024, cards were the most popular payment method at stores, making up 51% of all spending, and they also accounted for 50% of online transactions.
Cards are also the most common way to load digital wallets. Over 70% of Singaporeans surveyed said they prefer using cards to fund their digital wallets.
The buy now, pay later (BNPL) trend is growing globally. The value of BNPL e-commerce has increased from S$3 billion ($2.31 billion) in 2014 to S$458 billion ($353 billion) in 2024.
Worldpay predicts that the global value of BNPL online payments will grow by 9% each year until 2030, reaching about S$777 billion ($599.3 billion).
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