In 2020, GrabPay was the leading mobile wallet brand in Singapore, accounting for 35.3 percent of the market share. In the same year, the super app's mobile wallet user base was estimated at three million. In comparison, FavePay accounted for a market share of 23.5 percent.

The Singapore Payment Market report segments the industry into By Mode of Payment (Point of Sale, Online Sale), By End-User Industry (Retail, Entertainment, Healthcare, Hospitality, Other End-User Industries). Get five years of historical data alongside five-year market forecasts.

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.

The Singapore payments industry is experiencing robust growth, projected to reach $22.57 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 8.74% from 2025 to 2033. This expansion is fueled by several key factors. The increasing adoption of digital technologies, particularly mobile wallets and online payment platforms, is driving a significant shift away from traditional cash transactions. Government initiatives promoting digitalization and a technologically savvy population further accelerate this trend. The diverse end-user industries, including retail, entertainment, healthcare, and hospitality, all contribute to the market's dynamism, with each sector exhibiting unique payment preferences and technological adoption rates. Competition is fierce, with established players like DBS Bank, PayPal, and Grab vying for market share alongside innovative fintech startups such as Fave and SingCash. The seamless integration of payment systems within various platforms, such as Apple Pay and Google Pay, enhances user experience and promotes wider adoption. However, challenges remain, including the need for enhanced cybersecurity measures to address potential fraud risks and the continued need to ensure financial inclusion for all segments of the population. Despite strong growth drivers, the Singapore payments industry faces certain constraints. Maintaining regulatory compliance and adapting to evolving regulations remains crucial. Concerns surrounding data privacy and security are also paramount, demanding robust security infrastructure and transparent data handling practices. Furthermore, educating and encouraging wider adoption among less tech-savvy demographics is essential for sustained, inclusive growth. Future market performance will hinge on the industry’s ability to navigate these challenges while capitalizing on opportunities presented by emerging technologies such as blockchain and artificial intelligence, to enhance efficiency, security, and the overall user experience. The forecast period of 2025-2033 promises further innovation and diversification within the Singaporean payments landscape. Recent developments include: January 2023: Samsung unveiled plans to expand the availability of the Samsung Wallet app to eight additional countries, with Singapore being among them. This versatile wallet application was introduced as a unified platform, offering users a secure storage solution for their digital keys, boarding passes, identification cards, and various other documents on their mobile devices., July 2022: Google Wallet was introduced as a standalone app for users in Singapore, providing a complementary experience to Google Pay. This digital wallet, designed for Android and Wear OS, aimed to streamline the process of saving and accessing essential items, including vaccine cards, event tickets, boarding passes, and loyalty cards.. Key drivers for this market are: The payments market in Singapore is driven by boom in the e-commerce industry, Major retailers and the government are promoting Market Digitization through activation programs.; Increased use of real-time payments, specifically Buy Now Pay Later.. Potential restraints include: The payments market in Singapore is driven by boom in the e-commerce industry, Major retailers and the government are promoting Market Digitization through activation programs.; Increased use of real-time payments, specifically Buy Now Pay Later.. Notable trends are: The payments market in Singapore is driven by boom in the e-commerce industry.

The Singapore Fintech market, valued at $38.80 million in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 10.24% from 2025 to 2033. This expansion is fueled by several key factors. The increasing adoption of digital payment solutions amongst consumers and businesses, coupled with the government's supportive regulatory framework and initiatives promoting innovation, are significant catalysts. Furthermore, the rise of e-commerce and the growing need for efficient financial solutions in sectors like income tax returns and securities trading are creating lucrative opportunities within the market. The diverse range of services offered, encompassing money transfers, digital lending, investment platforms, and online insurance, further contributes to the market's dynamism. Competition is fierce, with a range of established players and innovative startups vying for market share. While challenges like cybersecurity concerns and regulatory compliance remain, the overall outlook for the Singapore Fintech market remains highly positive. The market segmentation highlights the significant contribution of several key areas. The Money Transfer and Payments segment likely leads, reflecting Singapore's strategic position as a global financial hub. Digital Lending & Lending Investments is also a significant contributor, benefiting from technological advancements and increased demand for accessible credit. Growth in the Online Insurance & Insurance Marketplaces segment is expected, driven by the increasing adoption of digital insurance platforms. The End-User segment reveals the diverse applications of Fintech, with Banking and E-commerce representing the largest segments, alongside the emerging demand in areas such as Income Tax Returns and Securities. The strong performance of key players like Funding Societies, MatchMove Pay, and Singlife underscores the market's vibrancy and the potential for further consolidation and innovation. The forecast period (2025-2033) promises continued expansion, influenced by ongoing technological advancements and evolving consumer preferences. Recent developments include: In September 2023, BitDATA Exchange partnered with MatchMove, a leading embedded finance enabler, to introduce a next-generation solution that transforms the way businesses manage their digital assets., In July 2023, MatchMove and Stripe collaborated to provide seamless payments for partners and merchants on the MatchMove-owned Shopmatic platform. MatchMove has integrated Stripe payments. MatchMove enables companies to offer a fully branded secure mobile wallet solution., November 2022: The United Kingdom and Singapore have agreed a new MoU boosting fintech trade and cooperation at their 7th Financial Dialogue in Singapore. Notable trends are: Blockchain Driving Singapore Fintech Market.

The Hong Kong payment industry, valued at $146.17 million in 2025, exhibits robust growth potential, projected to expand at a compound annual growth rate (CAGR) of 5.66% from 2025 to 2033. This growth is fueled by several key drivers. The increasing adoption of digital wallets and online payment methods, spurred by the widespread smartphone penetration and a young, tech-savvy population, is significantly contributing to market expansion. Furthermore, the government's initiatives promoting digitalization and financial technology (FinTech) are creating a favorable regulatory environment that encourages innovation and competition within the sector. The rise of e-commerce and the increasing preference for contactless payments are further bolstering this trend. While the legacy of cash transactions persists, particularly in smaller businesses, the shift toward digital payments is undeniable. Segmentation reveals significant opportunities across various end-user industries, with retail, entertainment, and hospitality leading the charge in terms of transaction volume. However, the market also faces certain restraints. Concerns surrounding data security and fraud prevention continue to be a significant challenge for both consumers and businesses. The need for robust cybersecurity infrastructure and reliable fraud detection systems is crucial for maintaining consumer confidence and driving further adoption of digital payment methods. Additionally, the relatively small size of the Hong Kong market, compared to global giants, presents a potential limitation to growth. Despite this, strategic partnerships between financial institutions, FinTech companies, and international payment processors like Visa and Mastercard are creating a dynamic and innovative payment ecosystem within Hong Kong, mitigating some of these challenges and ensuring its continued growth and evolution in the coming years. The competitive landscape, with prominent players such as HSBC, Bank of China, and international giants, ensures constant innovation and pressure to enhance services and customer experience. Recent developments include: November 2023 - JCB and Stripe Expanded their Partnership to Europe, Singapore, and Hong Kong. As part of this expansion, Stripe added JCB to its default payment scheme for merchants in the United Kingdom and Ireland in August and for merchants in other European countries, Singapore and Hong Kong.. Key drivers for this market are: Integration of Payment Gateways, Initiatives by the Government to Advance in Digital Payments. Potential restraints include: Integration of Payment Gateways, Initiatives by the Government to Advance in Digital Payments. Notable trends are: Card Payments to Hold Significant Share in Online Payment Sector.

Google Pay was used more often for in-store payments in both India and Poland than in either the United States or the UK in 2024. This reveals itself when comparing two questions from Statista's Consumer Insights as eight out of 10 consumers from India replied they had used Google Pay. India ranks within the top three of countries in the world with the highest penetration of proximity mobile payments.

How many people use Google Pay?

Google's mother company Alphabet does not share user figures of Google Pay. This is because the company does not charge transaction fees, except in the United States when clients transfer money from a Google Pay account to a bank account with a debit card. A 2022 forecast predicted the number of Google Pay users in the United States would grow by more than six million between 2022 and 2026. This prediction was from before May 2022, however. That month, Google announced it would replace Google Pay altogether with a resurrected Google Wallet app in 39 countries across the world, except the U.S., Singapore, and India.

Google Pay used more often on websites outside the United States Website tracking focusing on payment technologies indicates Google Pay is used more often on websites from Canada, New Zealand or Ireland than on U.S. websites or platforms from Europe. Nearly four percent of merchants in Italy with at least one Payment Acceptance or Payment Processor technology up to August 2023 had Google Pay on their website. Websites from India ranked relatively low in this list, potentially indicating Google Pay is either used more as an offline payment method or that Google Pay is integrated within UPI in the country.