Chart of the Day: Cards are top payment method in e-commerce
It accounts for 41.4% of the e-commerce market.
This chart from GlobalData showed that payment through cards are widely used in Singapore in 2022, accounting for the highest share of 41.4% in the total e-commerce market value.
Payment cards are followed by alternative payment solutions such as Apple Pay, PayPal and GrabPay at 37.9% up from 30.6% in the previous year.
Bank transfers are also still used due to convenience and secured methods but their share was down to 15% from 18.4%. Cash payment was less than 10% due to a preference for electronic payments.
“Singapore’s ecommerce market is well developed, supported by the country’s robust technology infrastructure and growing number of tech-savvy customers. The e-commerce market growth is being driven by increasing consumer confidence in online shopping, and the availability of various payment tools,” said Ravi Sharma, lead Banking and Payments analyst at GlobalData.
Singapore’s e-commerce market is expected to reach $15.2b in 2022, up by 19.5% as consumers buy more online. It is seen to grow by 12.4% annually to reach $24.2b in 2026.