Payment cards hold 40% share in Singapore's e-commerce 

The market is expected to hit $23.6b at a CAGR of 9.1% by 2028.

Payment cards led Singapore's e-commerce transactions in 2023 with 40.1% of the market share, according to GlobalData.

According to GlobalData’s 2023 Financial Services Consumer Survey, credit and charge cards are the preferred choice, making up 31.9% of the market share, due to their enticing perks such as interest-free installments, rewards, cashback, and discounts.

Alternative payment methods, including popular brands like Apple Pay, PayPal, and Google Pay, are also gaining ground, collectively accounting for 38.6% of transactions.

The rise of buy now, pay later (BNPL) solutions and partnerships between e-commerce giants and payment providers, such as Atome's collaboration with Amazon, are contributing to this shift.

Bank transfers, supported by instant payment systems like FAST and PayNow, represent 15.5% of e-commerce transaction value, whilst cash on delivery accounts for over 5% of payments.

GlobalData projected a 13% growth in 2024, reaching $16.6b (SGD22.3b), driven by advanced tech infrastructure and growing alternative payment adoption.

By 2028, the market is expected to hit $23.6b (SGD31.7b) at a compound annual growth rate of 9.1%.

ALSO READ: Around 7 in 10 Gen Zs in Southeast Asia prefer e-commerce

“Singapore’s e-commerce market is well developed supported by the country’s robust technology infrastructure, which ensures the availability of high-speed internet, rising smartphone penetration, high urbanisation, and growing number of tech-savvy customers,” said Poornima Chinta, senior banking and payments analyst at GlobalData.

Chinta also suggested that as e-commerce grows, younger generations will drive alternative payment methods, challenging card dominance.

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