According to a survey on consumer payment behavior conducted in 2022 in Singapore, approximately 82 percent of respondents stated that they had used cards online as a payment method. Meanwhile, 74 percent of the surveyed consumers indicated to have used contactless card payment methods.

The credit card penetration in Singapore was forecast to continuously increase between 2024 and 2029 by in total 3.5 percentage points. According to this forecast, in 2029, the credit card penetration will have increased for the eighth consecutive year to 47.51 percent. The penetration rate refers to the share of the total population who use credit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the credit card penetration in countries like Cambodia and Philippines.

Over the last two observations, the transaction value is forecast to significantly increase in all segments. As part of the positive trend, the indicator reaches the maximum value for all three different segments at the end of the comparison period. Particularly noteworthy is the segment Mobile POS Payments, which has the highest value of 22.18 billion U.S. dollars. Find other insights concerning similar markets and segments, such as a comparison of average revenue per user (ARPU) in Peru and a comparison of user penetration in Italy. The Statista Market Insights cover a broad range of additional markets.

Over the forecast period until 2027, the number of users is forecast to exhibit fluctuations among the three segments. Overall, the indicator appears to follow a positive trend, as there are more increasing values than decreasing values expected in the individual segments until 2027. Among them, the segment Digital Commerce achieves the relatively highest value throughout the entire period, reaching 4.5 million users. Find other insights concerning similar markets and segments, such as a comparison of average transaction value per user (ATPU) in Italy and a comparison of revenue in the United Kingdom. The Statista Market Insights cover a broad range of additional markets.

The funding value for digital payment companies reached about 123.6 million U.S. dollars in 2024 in Singapore, across 15 deals. This was a slight decrease compared to the previous year, when 24 deals were completed, with a funding value of 186.13 million U.S. dollars. Digital payments In 2023, digital payments stood among the most funded fintech categories in Singapore, with cryptocurrencies, with 627 million U.S. dollars raised. The development of digital payments is supported by a connected and innovative financial environment, driven by a national strategy from the Monetary Authority of Singapore (MAS). This is reflected in national programs such as PayNow, Fast And Secure Transfer (FAST), and the Singapore Quick Response Code (SGQR), which facilitate instant, cross-platform, and cross-border transfers. The transaction value of digital payments in Singapore in 2023 reached 20.15 billion U.S dollars. The sector is projected to grow and is estimated to reach a transaction value of 43.3 billion U.S. dollars in 2028. Companies This innovation-friendly environment has allowed the industry to grow with the success of various companies. The fintech scene is growing rapidly, and the payments sector accounted for 19 percent of fintech companies in 2023. Among them, Grab is one of the major players in the sector, with Grabpay, the market leader in mobile wallets, expected to reach 9.8 million users by 2025. In addition, payments are also leading the startup scene, with two payments startups among Singapore's top fintech startups. Nium, the global payments platform, raised 264 million U.S. dollars in funding, while M-Daq, the cross-border payments specialist, raised 246 million U.S. dollars.

According to a survey on consumer payment behavior conducted in 2023 in Singapore, approximately 71 percent of respondents stated that they had used contactless card for online payments. Meanwhile, about 62 percent of the surveyed consumers stated that they had used either credit or debit card for online payments.

According to a survey by Rakuten Insight on e-payment usage, 93 percent of respondents aged between 35 to 44 years stated that they had made a transaction using e-payment methods, while six percent of all respondents had not. In the same survey, the majority of e-payment users indicated convenience as a leading reason for making e-payment transactions.

According to a survey by Rakuten Insight on e-payment usage, about 93 percent of Singaporean respondents stated that they had made a transaction using e-payment methods, while six percent of the respondents had not. In the same survey, the majority of e-payment users indicated convenience as a leading reason for making e-payment transactions.

In 2023, 94 percent of surveyed enterprises in Singapore had adopted e-payments in their business activities. Using electronic payments is one factor that can lower the costs for businesses and enhance payment security.

According to a 2021 survey on usage of digital payments among senior citizens, 68 percent of the respondents indicated that they use contactless card payments. On the other hand, 22 percent of respondents indicated that they use QR code payment methods for digital payments.

According to a survey conducted by Rakuten Insight in October 2022, 67 percent of respondents in Singapore stated that they increased their usage of e-payment or digital payment services. DBS PayLah! was the most used digital payment service in the country.

Credit card transactions were the most popular method for e-commerce payments in Singapore in 2023, accounting for 42 percent of total e-commerce payments. Singaporean e-commerce users prefer digital payment methods for their e-commerce purchases, with cash on delivery making up only one percent of e-commerce payments.

According to a survey by Rakuten Insight on e-payment usage, about 63 percent of female and 65 percent of male e-payment users indicated that they used DBS PayLah! for e-payment transactions. In the same survey, 93 percent of respondents had made a transaction using e-payment methods.

In 2023, electronic payments accounted for 58.1 percent of payment transactions volume in Singapore, and this figure is predicted to rise to 61.9 percent by 2028. Singaporeans are switching from paper-based payments to real-time digital payments, as well as mobile wallets.

According to a survey by Rakuten Insight on e-payment usage, about 84 percent of female and 78 percent of male e-payment users indicated that they used e-payment transactions to pay for online purchases. In the same survey, 93 percent of respondents had made a transaction using e-payment methods.

Non-card-linked wallets in Singapore are forecast to grow at a pace that is nearly four times faster than the e-commerce spending in card-linked wallets. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Wallets ranked among some of Singapore's most-used online payment methods.

According to a survey by Rakuten Insight on e-payment usage, 39 percent of female respondents and 38 percent of male respondents stated that they had not made any e-payment transactions because they preferred cash. In the same survey, about 93 percent of respondents indicated that they had made a transaction using e-payment methods.

As of 2023, the volume of e-money payments in Singapore amounted to 2.22 billion transactions. E-money was formerly known as stored value facility and includes money stored in e-wallets.

According to a survey by Rakuten Insight on e-payment usage, about 91 percent of e-payment users aged between 16 to 24 years indicated convenience as a leading reason for making e-payment transactions. In the same survey, 93 percent of respondents had made a transaction using e-payment methods.

In 2023, Singapore is expected to have the highest transactional value in mobile POS payments in Southeast Asia with a value of approximately 7.61 billion U.S. dollars. In comparison, digital commerce transaction value in Indonesia was forecast to reach 76.89 billion U.S. dollars in 2023.