Top Payment Methods in Singapore That Your Business Needs to Know

Top Payment Methods in Singapore That Your Business Needs to Know

The payment landscape in Singapore has undergone significant transformation due to technological advancements, shifting consumer preferences, and the emergence of new financial activities. What was once a predominantly paper and cash-driven system has evolved into a diverse ecosystem of cashless payment instruments, supported by efficient clearing and settlement systems.

Singapore has witnessed a surge in modern payment activities in recent years, a trend mirrored in various prominent business platforms. According to a Nielsen survey, around 40% of Singaporeans began conducting the majority of their purchases online during the pandemic. Furthermore, Singaporeans exhibit high awareness of contactless and innovative payment methods compared to other ASEAN countries.

With a populace well-versed in financial and digital matters, the growing enthusiasm for payment innovations in Singapore is unsurprising. Businesses, both established and burgeoning, must swiftly adapt to these evolving payment methods to meet customer expectations.

This blog will explore the impact of ongoing market trends on payment practices in Singapore and shed light on the preferred payment methods among customers in the country. It will also address the challenges that businesses face when integrating complex payment methods and offer solutions to overcome these hurdles.

Singapore Payment Trends for 2022

Credit cards continue to dominate the e-commerce market share in Singapore at 42.2%. However, 2021 saw significant growth in digital wallets, with a YoY increase of 47% to 29.2%. The expansion of super app Grab played a pivotal role in this surge. Looking ahead to 2025, debit cards, bank transfers, and Buy Now Pay Later (BNPL) options are poised for substantial growth.

Credit and debit cards are expected to maintain their dominance in point-of-sale (POS) spending through 2025. Cash transactions are projected to decrease from 22.3% in 2021 to 13.2% in 2025, with mobile wallets emerging as the primary alternative. The Singapore FAST (Fast And Secure Transfers) real-time service continues to experience consistent growth, with a YoY increase of 53%.

Top 9 Payment Methods in Singapore

Singapore offers a variety of alternative payment methods and payment service providers, each with its unique strengths and weaknesses. Familiarity with and provision of popular payment methods can enhance checkout conversion rates, improve customer experiences, and reduce transaction costs. Here are some of the most favored payment methods in Singapore:

Credit Cards:

Credit cards are widely embraced in Singapore, with over 73% of the population owning at least one. Notable credit card issuers include DSB, Citibank, OCBC, HSBC, and UOB, with Visa, Mastercard, and American Express as primary card merchants.


Cash remains a significant payment method, but its use is expected to decrease from 22.3% in 2021 to 13% in 2025, with a shift towards mobile wallets.

Digital/Mobile Wallets:

Digital wallets have gained prominence in Singapore, with PayPal being a popular choice. Other leading digital wallets include Grabpay, AliPay, Nets, PayLah, Dash, FavePay, and Google Pay.

Cash on Delivery (COD):

Cash on Delivery is preferred by customers who want to make payments upon receiving goods or services. In Singapore, cash is the typical mode of payment for COD transactions.

Mobile Contactless Payments:

Mobile contactless payments have seen recent growth, with options like NETSPay, SingTel Dash, and Visa Pay using NFC technology to conduct purchases. These payments are less vulnerable to phishing attacks.

Direct Debits:

Direct Debits allow customers to pay by deducting funds directly from their bank accounts, suitable for recurring payments such as utility bills or loan installments.


eNETS, an integrated payment gateway, accepts various payment modes and is a product of NETS (Network for Electronic Transfers). It supports all major credit cards and Direct Debit from major banks.

Buy Now Pay Later (BNPL):

BNPL services have gained popularity in Singapore, with significant growth predicted in the coming years. The Gross Merchandise Value for BNPL is expected to rise substantially.

Bank Transfers:

Bank transfers are commonly used for larger transactions and are facilitated through automated clearing house (ACH) networks in Singapore. The FAST (Fast And Secure Transfers) service enables rapid fund transfers between partner banks.

Local Payment Methods and Business Challenges

The dynamic nature of payment preferences in Singapore, influenced by rapid technological advancements and global events like the COVID-19 pandemic, poses challenges for businesses. Swift changes in payment methods can disrupt even established conglomerates and small businesses, making it difficult to maintain a fluid and efficient payment system.

Adapting to new payment methods and continually onboarding payment gateways and merchants has become increasingly complex. A solution is needed to accommodate evolving customer preferences and emerging payment innovations.

How web technology expert Facilitates Singapore Payment Methods

The web technology expert platform is designed to seamlessly integrate more than 300 international payment methods, including those popular in Singapore. Our revenue optimization platform offers a single integration point, connecting to multiple payment gateways and various local payment methods simultaneously.

Web technology expert’s developer-friendly payment integration model supports diverse business models, including e-commerce and digital marketplaces. It streamlines the checkout process, enhancing conversion rates, offering a localized checkout experience, and ensuring compliance with PCI-DSS and GDPR standards.

With web technology expert, every checkout option securely captures payment data, embedded within your website or app. Customizable integration and top-tier security simplify compliance requirements while providing a seamless payment experience for your customers.

Addressing the ever-changing landscape of payment methods in Singapore requires adaptability and a robust payment infrastructure. Web technology expert empowers businesses to stay ahead of these changes, enabling them to meet evolving customer preferences while ensuring secure and efficient transactions.

To further improve the customer experience, web technology expert offers fully customizable front-end solutions and CXO dashboards. This flexibility enables businesses to align payment methods, languages, currencies, and branding with their specific requirements, enhancing their ability to manage refunds and transaction failures effectively.

Embrace the diverse payment landscape in Singapore with web technology expert, simplifying payment integration and ensuring compliance with industry standards.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get 1st Exam For Free

Find Your Job Here!

Get A Free Consultation And Estimate