Singapore’s 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, according to a recent report.

While at point of sale ( POS ), the digital wallet adoption has been even more significant, increasing from just 1% of spend in 2014, to 29% in 2024, finds the 10th edition of Worldpay’s Global Payments Report. 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, the report notes, 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 S$3 billion ( US$ 2.31 billion ) in 2014 to S$458 billion in 2024. Globally, the BNPL online value, the report points out, will grow at a 9% compound annual growth rate ( CAGR ) through 2030 to roughly S$777 billion.

In 2024, BNPL transactions in Singapore 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 the Asia-Pacific region, BNPL accounted for 4% of all e-commerce spend in 2024.

Overall, Singapore’s e-commerce market size, the report shares, is expected to reach S$37.5 billion ( US$28.94 billion ) by 2030, with an 8% CAGR from its 2024 estimated value of S$22.8billion.

Globally, digital wallets accounted for over half ( 53% ) of e-commerce transaction value in 2024, the report adds, while at 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.

Asia-Pacific is at the forefront in this adoption, the report states, with digital wallets becoming a leading online payment method for 8 out of 14 Asia-Pacific markets, 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 Asia-Pacific region’s payment landscape,” says Phil Pomford, Worldpay’s general manager for global e-commerce in the region. “Asia-Pacific 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.”