Previously decade, digital pockets adoption in Singapore has surged, overtaking long-standing fee strategies resembling bank cards and money as the popular fee technique.
Based on Worldpay’s International Funds Report 2025, digital wallets now lead e-commerce transactions and are the second most-used fee technique for point-of-sale (POS) transactions, accounting for 39% of e-commerce transactions, and 29% of transaction worth in 2024.
The figures represents a greater than fivefold enhance for e-commerce transactions over the previous decade, from simply 7% in 2014. Within the POS phase, the share of transactions made by way of digital wallets surged 28 factors from a mere 1% in 2014.
In distinction, bank cards, as soon as the dominant technique, noticed their share of e-commerce transactions drop sharply from 70% in 2014 to 37% in 2024. Equally, money utilization declined considerably, dropping from 43% of POS transaction worth in 2014 to simply 13% in 2024.
Singapore’s prime digital wallets
A client survey performed as a part of the analysis revealed that the preferred digital wallets used in-store in Singapore are DBS PayLah! (25%), Apple Pay (22%), GrabPay (12%) and Google Pay (12%). When purchasing on-line, survey respondents cited Apple Pay (24%), PayPal (20%), ShopeePay (18%) and GrabPay (18%) as their prime digital wallets.
These developments align with findings from a brand new e-book from Thunes, which recognized 14 cell wallets in Singapore, alongside bank-operated apps, and which discovered related market shares for leaders DBS PayLah!, GrabPay, Google Pay and Apple Pay.
DBS PayLah! is a flexible cell pockets app developed by DBS Financial institution in Singapore, designed to simplify every day transactions and way of life actions. Out there to each DBS prospects and non-customers, it affords a complete suite of options that reach past primary funds, and which incorporates rewards and offers, journey reserving, and meals ordering. It claims 2.3 million prospects.
GrabPay is a cell pockets and digital fee platform built-in into the Seize tremendous app. It permits customers to make cashless transactions for varied companies, together with ride-hailing, meals supply, on-line purchasing, and in-store purchases. GrabPay is claimed to have about 4.9 million customers in Singapore.
ShopeePay is a digital pockets developed by Shopee, a number one e-commerce platform in Southeast Asia. In Singapore, ShopeePay affords customers a handy and safe technique to make cashless transactions each on-line and offline. It’s stated to be serving greater than 30 million customers throughout the area.
Lastly, Apple Pay and Google Pay are international manufacturers which are obtainable in almost all APAC markets. They’re hottest in prosperous international locations resembling Singapore and Hong Kong. Globally, Apple Pay is claimed to be serving greater than 500 million customers, whereas Google Pay has a longtime buyer base of about 150 million customers.
Fee forecasts to 2030
Trying forward, the report forecasts that fee playing cards and money will proceed to progressively cede share to digital fee strategies by 2030.
By then, digital wallets are anticipated to overhaul all fee strategies for each e-commerce purchases and POS transactions, accounting for an estimated 47% of on-line purchases, and 44% of in-store transaction worth.
Account-to-account (A2A) funds are additionally anticipated to develop, projected to succeed in 13% of e-commerce and 10% of POS transaction worth by 2030, up from 7% and 5%, respectively, in 2024.
Cryptocurrency funds, whereas nonetheless small, are forecast to develop at a compound annual progress fee (CAGR) of 24% by 2030, and attain 2% of e-commerce transaction worth.
In distinction, conventional fee strategies, together with money and fee playing cards, are anticipated to proceed to say no. Bank card are set to fall by 11 factors for e-commerce and by 10 factors for POS transactions by 2030. Money funds will drop additional in POS utilization, declining by 5 factors. It’s projected to take care of a minimal 1% share of e-commerce funds in 2030.
Â
Featured picture: Edited by Fintech Information Singapore, based mostly on picture by thanyakij-12 by way of Freepik
