As one of the most digitally competitive economies in the world, its payment systems mirror those of other developed countries but with distinct regional characteristics:
- Highest penetration rate of 80% for cards in SEA
- Widespread QR code payment usage, powered by the government’s Singapore Quick Response Code (SGQR)
- Strong adoption of mobile wallets such as Alipay+
- Highest acceptance of BNPL in the region
In 2023:
95% of all ecommerce transactions in Singapore were made using digital payments
By 2028:
Singapore’s ecommerce market is projected to increase by 75% to reach US$ 14 billion
99% of ecommerce transactions are expected to be made using digital payments.