Singapore
Payment Methods
Market overview
Payment cards reign supreme in Singapore, with credit and debit cards jointly commanding significant shares of both eCommerce and point-of-sale (POS) transactions. Singaporean consumers exhibit a strong preference for mobile commerce, with 65% of eCommerce transactions completed using mobile devices such as tablets or smartphones. This mobile-centric approach is mirrored in the spending habits of online shoppers, with the average Singaporean annually spending more than USD 1,453 on eCommerce purchases, a figure projected to ascend to USD 2,195 by 2027.
Looking ahead, Singapore’s eCommerce market is poised for substantial growth, with projections indicating a surge in market value to USD 12 billion by 2027, up from USD 7 billion in 2022.
Global & local card schemes & wallets
Mobile money payments
Bank cards payments
Global & local card schemes & wallets
Digital wallets
Cards
Online payment platforms
Payment methods breakdown
Cash
Bank transfers
eWallets
Other
Card schemes breakdown
Visa
Mastercard
American Express
Local schemes
Other
Proportion of population using credit cards
54%
Proportion of banked population
99%
Proportion of population shopping cross-border
79%
Trade exchange
Export
of goods as a % of total
China
Hong Kong
Malaysia
United States of America
Europe
Import
of goods as a % of total
China
Malaysia
Taiwan (Republic of China)
United States of America
Europe
Banks in Singapore
Bank of Singapore (part of OCBC Bank)
DBS Bank Limited
POSB (part of DBS Bank)
OCBC Bank
United Overseas Bank Limited (UOB)
Standard Chartered
Citibank
Mobile carriers in Singapore
