Credit cards remained the most used in-store payment option available in Singapore, although the market share of wallets did grow. Cash, on the other hand, is expected to see its market share decline further as mobile wallets take their place. In 2020 , Singapore had the highest penetration rate for cashless payments in Southeast Asia. The growing popularity of wallets is likely tied to the rise of super app Grab - an app that provides everyday services, from transportation to food delivery and other financial services. Grab's user base in Singapore is forecast to nearly reach double figures by 2025 - an important feat as this would be higher than Singapore's entire population.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Singapore from 2017 to 2023, with a forecast for 2027
* The source changed its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Singapore from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1296909/preferred-payment-methods-singapore/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in Singapore from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1296909/preferred-payment-methods-singapore/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Singapore from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1296909/preferred-payment-methods-singapore/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in Singapore from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1296909/preferred-payment-methods-singapore/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Singapore from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1296909/preferred-payment-methods-singapore/ (last visited November 22, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Singapore from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1296909/preferred-payment-methods-singapore/
