However, as it stands, credit and debit cards combined remain dominant as the preferred payment method in Singapore, at 53% of e-commerce and 57% of point-of-sale market share in 2022.
Digital wallets transactions are projected to become the most popular online payment method by 2026, but cards are still king in Singapore.
According to the 2023 Global Payments Report by Worldpay from global financial technology leader FIS, point-of-sale transaction value by digital wallets will increase by 101% from 2022 to 2026. Digital wallets are expected to overtake credit cards as the most popular online payment method, with a 40% e-commerce market share by 2026.
