Digital wallets expected to overtake credit cards in Singapore by 2027

SINGAPORE: Singapore is on the cusp of a major shift in how its residents pay for goods and services. According to the 2024 Global Payments Report from Worldpay, digital wallets are poised to become the dominant payment method within the next three years.

In 2023, digital wallet spending in Singapore was recorded at $41 billion. Worldpay’s projections indicate that this figure will more than double to $89 billion by 2027. This surge is part of a broader trend in which digital wallets are becoming increasingly popular, overtaking traditional credit cards as the preferred method for online purchases.

While digital wallets are on the rise, the Buy Now, Pay Later payment method is also expected to see steady growth. This data underscores a significant shift in payment preferences among Singaporeans, driven by technological advancements and changing consumer behaviors. As digital wallets become more ubiquitous and integrated into the financial ecosystem, they are set to reshape the landscape of online and in-person transactions in Singapore.

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