Singapore Payment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Payments Market Companies in Singapore and It is Segmented by Point of Sale (Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards), Digital Wallet (includes Mobile Wallets), Cash and Others), Online Sale (Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards), Digital Wallet (includes Mobile Wallets), Others (includes Cash On Delivery, Bank Transfer, and Buy Now, Pay Later)), and by End-User Industry (Retail, Entertainment, Healthcare, Hospitality, Other End-User Industries). The Market Sizes and Value (USD) Forecasts for all Segments are Provided.

Singapore Payments Market Size

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Singapore Payments Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 22.57 Billion
Market Size (2029) USD 36.07 Billion
CAGR (2024 - 2029) 8.74 %
Market Concentration Medium

Major Players

Singapore Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Singapore Payments Market Analysis

The Singapore Payments Market size is estimated at USD 22.57 billion in 2024, and is expected to reach USD 36.07 billion by 2029, growing at a CAGR of 8.74% during the forecast period (2024-2029).

  • The ongoing growth of real-time payments and the government's efforts to encourage digitalization are expected to drive market growth. With the government now allowing non-bank financial institutions (NFIs) to access banking retail payment infrastructure, instant payments in Singapore are set to increase even more. NFIs that have been granted a major payment institution licensed under the Payment Services Act are now permitted to link directly to FAST and PayNow.
  • One of the primary goals of the Singapore government's Smart Nation vision is to build an e-payments society, which is one of the key goals. The payments sector in Singapore is now modern and open to new players. This industry is available to non-bank financial institutions (NFIs), promoting competition and interoperability among e-wallets. For instance, Grab, a ride-hailing firm, introduced GrabPay, and Singtel, a telecommunications company, introduced DashPay.
  • Mobile phones (notably smartphones) have become an integral aspect of an individual's life as the global economy has grown rapidly. Furthermore, for most individuals worldwide, the internet has become an indispensable element of their daily lives. As a result, the number of cell phones and internet users has surged worldwide, resulting in a major expansion in the payments sector.
  • Further, the latest Back to Business study by Visa revealed that the majority (94%) of small and micro businesses (SMBs) in the country were seeking to adopt new payment methods in 2022, with 89% saying doing so would be fundamental to their growth. Amongst the methods that SMBs were considering using are e-wallet apps (59%), mobile contactless payments (58%), contactless cards (43%), Buy Now Pay Later solutions (35%), and digital currencies (33%).
  • As per the latest figures from the Singapore Police Force (SPF), the number of scam and cybercrime cases in the country hit an all-time high of 33,669 in 2022, with a 25.2% YoY increase. E-commerce was among the top five types of scams reported in Singapore. Scammers often use emails, text messages, or phone calls to deceive their targets. For instance, they pretend to be officials or trusted entities to convince victims to reveal their personal information, like bank accounts or credit card details. Scammers then use the data to carry out unauthorized transactions. Such trends may hinder market growth.

Singapore Payments Market Trends

The payments market in Singapore is driven by boom in the e-commerce industry

  • According to the International Trade Administration (ITA), the Singapore e-commerce market was valued at USD 5.9 billion in 2021 and is expected to rise to USD 10 billion by 2026. The region has over 3 million e-commerce users. With a per capita income being USD 65,000, Singapore is also one of the most affluent countries in Asia.
  • The increase in Internet penetration is one main factor driving the e-commerce market. For instance, as per ITA, the country has an internet penetration rate of 98% and a smartphone penetration rate of 93%, along with a 58% rate of residents making online purchases.
  • Singapore's payments business is seeing a surge of innovative digital payment alternatives. It has emerged as the newest number-one trend for online payments in Singapore, owing to the increasing use of smartphones and the advent of digital wallet payment options such as PayPal and Buy Now Pay Later services.
Singapore Payments Market: Most Popular International e-commerce Sites in Singapore , in 1,000 clicks, by Monthly Web Visits, as of 1st quarter 2022

Retail industry shows the significant growth in Payments Market of Singapore

  • The retail industry is one of the fastest-growing industries in Singapore. As a result, the retail sector represents a wealth of opportunities for new business, trading, and investing. The payment market in Singapore is developing with the changing customer behavior. Trends such as mobile payments, internet banking, instant payments, and the Government's growth initiatives are affecting the payment market in the country.
  • Moreover, retailing plays a pivotal role in making Singapore a viable place to travel and reside. The sector also continues to recover strongly from the impacts of the pandemic, with the Department of Statistics (DoS) of Singapore announcing that the country's retail sales grew by 6.2% year on year in November 2022.
  • Furthermore, This steady growth in the retail sector presents many opportunities for payment providers in the region to improve their payment platforms and apps to meet the growing demand. In addition, the increasing use of digital wallets and contactless card payments in the region presents a lucrative potential for payment providers.
  • Also, starting in April 2022, retailers in Singapore were able to accept digital payment tokens (DPT) through a new crypto payment solution introduced by Singapore-based major payment institution FOMO Pay. The new payment method targeted at retailers was claimed to be the first such to be developed by a DPT licensee in Singapore. FOMO Pay started implementing its new solution with luxury retailers – such as EuroSports Global, 2ToneVintage, and Luxehouze, amongst others – in compliance with regulations.
  • In Singapore, new services are being launched to meet the increased demand for internet delivery, with local cab company ComfortDelgro establishing a food delivery service and Google enabling the finding of food pick-up and delivery choices throughout the city-state. As residents hide down at home and follow the country's safe-distance regulations to manage the COVID-19 epidemic, there has been a huge increase in retail and meal delivery services.
Singapore Payments Market: GDP of the Wholesale and Retail Industry, in Billion, in Singapore 20212023

Singapore Payments Industry Overview

The Singapore payments market exhibits moderate competitiveness with key market players, including DBS PayLah, GrabPay, Paypal, Fave Pay, and Alipay. These companies are actively expanding their market presence, thereby contributing to the overall market growth. Furthermore, the government's proactive initiatives to promote digital payments are anticipated to intensify market competition in the foreseeable future.

In December 2022, DBS announced its partnership with the International Air Transport Association (IATA) to launch IATA Pay across three key Asian markets. This initiative commenced in Hong Kong and is scheduled to extend to Indonesia and Singapore in 2023. IATA Pay revolutionizes the way travelers purchase air tickets online by enabling direct debits from their bank accounts. This innovation enhances financial inclusion, particularly for consumers without access to credit or debit cards.

In November 2022, StraitsX and Grab unveiled their collaboration to trial Purpose Bound Money (PBM) with a selected group of 5,000 participants during the 2022 Singapore Fintech Festival. The PBM token offers an alternative digital currency for making payments and can be instantly transferred to a merchant's digital wallet, presenting an innovative payment solution.

Singapore Payments Market Leaders

  1. DBS Bank Ltd

  2. PayPal Holdings, Inc.

  3. Grab

  4. Fave

  5. Apple Inc.

*Disclaimer: Major Players sorted in no particular order

Singapore Payments Market Concentration
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Singapore Payments Market News

  • January 2023: Samsung unveiled plans to expand the availability of the Samsung Wallet app to eight additional countries, with Singapore being among them. This versatile wallet application was introduced as a unified platform, offering users a secure storage solution for their digital keys, boarding passes, identification cards, and various other documents on their mobile devices.
  • July 2022: Google Wallet was introduced as a standalone app for users in Singapore, providing a complementary experience to Google Pay. This digital wallet, designed for Android and Wear OS, aimed to streamline the process of saving and accessing essential items, including vaccine cards, event tickets, boarding passes, and loyalty cards.

Singapore Payments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in the country

    5. 4.5 Key market trends pertaining to the growth of cashless transaction in the country

    6. 4.6 Impact of COVID-19 on the payments market in the country


    1. 5.1 Market Drivers

      1. 5.1.1 The payments market in Singapore is driven by boom in the e-commerce industry

      2. 5.1.2 Major retailers and the government are promoting Market Digitization through activation programs.

      3. 5.1.3 Increased use of real-time payments, specifically Buy Now Pay Later.

    2. 5.2 Market Challenges

      1. 5.2.1 Difficult to integrate digital tools into the business systems

      2. 5.2.2 e-Commerce scams in Singapore

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

      2. 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of key demographic trends and patterns related to payments industry in the country (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    7. 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in the country

    8. 5.8 Analysis of cash displacement and rise of contactless payment modes in the country

  6. 6. Market Segmentation

    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Other Point of Sales

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Other Online Sales (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 DBS Bank Ltd

      2. 7.1.2 PayPal Holdings, Inc.

      3. 7.1.3 Grab

      4. 7.1.4 Fave

      5. 7.1.5 Apple Inc.

      6. 7.1.6 Google Pay

      7. 7.1.7 SingCash Pte. Ltd.

      8. 7.1.8 Samsung

      9. 7.1.9 Alipay

      10. 7.1.10, Inc.

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

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Singapore Payments Industry Segmentation

The payments market is segmented by two modes of payment - POS and e-commerce. E-Acommerce payments include online purchases of goods and services, such as purchases made on e-commerce websites and online booking of travel and accommodation. However, it does not include online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for POS, all transactions that occur at the physical point of sale are included in the market scope. It includes traditional in-store transactions and all face-to-face transactions, regardless of where they take place. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

Singapore's payments market is segmented by mode of payment (point of sale and online sale) and by end-user industry (retail, entertainment, healthcare, hospitality, and other end-user industries). The Market Sizes and Value (USD) Forecasts for all Segments are Provided.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Other Point of Sales
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Other Online Sales (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries
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Singapore Payments Market Research FAQs

The Singapore Payments Market size is expected to reach USD 22.57 billion in 2024 and grow at a CAGR of 8.74% to reach USD 36.07 billion by 2029.

In 2024, the Singapore Payments Market size is expected to reach USD 22.57 billion.

DBS Bank Ltd, PayPal Holdings, Inc., Grab, Fave and Apple Inc. are the major companies operating in the Singapore Payments Market.

In 2023, the Singapore Payments Market size was estimated at USD 20.60 billion. The report covers the Singapore Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key trends that are influencing the Singapore Payments Market are a) Rise of fintech b) Increased adoption of contactless payments c) Government initiatives towards a cashless society

Singapore Payments Industry Report

The evolving landscape of the Singapore payments market underscores a dynamic shift towards digital payment methods, as both consumers and businesses embrace newer, more secure transaction options. Reports indicate a robust inclination towards various digital payment modalities, including debit and credit cards, e-wallets, and mobile payments, highlighting the trend of declining cash use in favor of safer and more convenient digital alternatives. With significant insights into the ever-growing e-commerce sector, which has naturally bolstered online and mobile transactions, the reports underscore the market's adaptation to technological advancements and changing consumer behaviors. Additionally, the introduction of payment platforms by major telecom and tech companies is rapidly influencing market segments and enhancing digital payment solutions in Singapore, further contributing to the comprehensive digital economy and aligning with the government's initiatives for a cashless society. These market shifts are pivotal in shaping Singapore's global stance in the financial technology sector, promoting an integrated and forward-looking digital payment environment. For detailed Singapore digital payment statistics, including market share, size, and revenue growth rate, refer to the Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.

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Singapore Payment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)