Digital wallets overtake cards in Singapore payments

Wallets captured 40% of online transaction value and 36% of in-store spending in 2025.

Digital wallets became Singapore’s most-used payment method in 2025, and are forecast to account for 45% of transactions by 2030.

Digital wallets accounted for 40% of e-commerce transaction value and 36% of point-of-sale spending in 2025, according to Worldpay's Global Payments Report 2026.

In e-commerce, credit cards made up 34% of transaction value last year, followed by account-to-account payments at 11%, debit cards at 9% and buy now, pay later services at 3%.

Account-to-account payments are expected to reach 13% by 2030. At physical points of sale, credit cards accounted for 27% of transaction value in 2025.

Cash, account-to-account payments and debit cards each represented 12%. By 2030, digital wallets are forecast to account for 44% of in-store payments, whilst account-to-account payments are expected to rise to 15%.

Singapore’s e-commerce payments market is projected to grow from $25b in 2025 to $38b in 2030, representing a compound annual growth rate of 9%. 

The point-of-sale market is forecast to increase from $136b to $163b over the same period, with annual growth of 4%.

Cards remain an important source of funding for digital wallets. Apple Pay and Google Pay are mainly linked to credit or debit cards, whilst local wallets such as GrabPay, ShopeePay and PayNow also allow users to transfer money directly from bank accounts.

PayNow is operated by the Association of Banks in Singapore, whilst the Singapore Quick Response Code system is administered by the Monetary Authority of Singapore. 

The two systems allow payments to be completed through mobile banking applications.

Amongst card schemes, Visa held a 41% share of Singapore’s market in 2024, followed by Mastercard at 33% and NETS at 17%. 
American Express accounted for 7%, whilst other schemes made up the remaining 3%.