Digital wallets lead 39% of e-commerce transactions in 2024

The report projects that Singapore’s e-commerce market will reach $37.5b by 2030.

Digital wallets have become a dominant force in Singapore’s payments landscape, both online and at physical points of sale, according to the latest edition of Worldpay’s Global Payments Report.

The report projects that Singapore’s e-commerce market will reach $37.5b by 2030, growing at a compound annual growth rate (CAGR) of 8% from an estimated $22.8b in 2024.

Digital wallets accounted for 39% of Singapore’s e-commerce transaction value in 2024, rising from just 7% in 2014. At the physical point of sale (POS), digital wallet usage increased to 29% in 2024 from 1% in 2014.

Despite the rise of wallets, credit cards remain the preferred payment method for Singapore consumers. In 2024, cards represented 51% of all POS spending and 50% of online transaction value. Additionally, over 70% of digital wallets in Singapore were funded using credit cards.

The report also highlighted regional and global trends. Across the Asia-Pacific region, digital wallets represented 74% of e-commerce transactions in 2024, a figure expected to rise to 80% by 2030.

Globally, digital wallets made up 53% of e-commerce spending in 2024, with projections of 65% by 2030.

The report noted that Buy Now Pay Later (BNPL) services continue to gain traction. In Singapore, BNPL made up 3% of e-commerce transaction value in 2024, with 64% of Gen Z and millennials indicating they had used BNPL.

Globally, BNPL usage is forecast to grow at a 9% CAGR, increasing to approximately $777b by 2030 from $458b in 2024.

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