In a recently released chart by GlobalData, it was found that cards are the most widely used payment method for e-commerce in Singapore, accounting for 41.4% of the total e-commerce market value.
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Following payment cards are alternative payment solutions like Apple Pay, GrabPay, and PayPal at 37.9%. This is up from 30.6% in 2021.
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Meanwhile, bank transfers have a 15% share, down from 18.4% last year. Unsurprisingly, cash payment got less than 10%, due to people’s preference for cashless electronic payments.
“Singapore’s eCommerce market is well developed, supported by the country’s robust technology infrastructure and growing number of tech-savvy customers. The e-commerce market growth is being driven by increasing consumer confidence in online shopping, and the availability of various payment tools,” shared Ravi Sharma, GlobalData’s lead Banking and Payments analyst.
The country’s e-commerce market is expected to reach a whopping S$15.2 billion in 2022. This is up by 19.5%, as individuals buy more online.
Additionally, e-commerce is expected to grow by 12.4% per year to reach S$24.2 billion in 2026.
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