However, consumers are showing an increasing preference for buy now, pay later (BNPL) solutions. BNPL is projected to double its share of e-commerce transaction value from 4% in 2021 to 8% in 2025, making it the fastest growing online payment method.
Singapore’s e-commerce market is expected to grow at 16% CAGR through 2025 to reach US$10.7 billion, according to the 2022 Global Payments Report by Worldpay from FIS, a financial technology solutions provider.
In 2021, credit/charge cards were the leading online payment method, accounting for 42% of e-commerce transaction value.
