Singapore: payment methods in retail 2022

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 in 2017, 2019, 2020, 2021, and 2022

Characteristic	2017	2019	2020	2021	2022
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-

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Release date

March 2023

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Region

Singapore

Survey time period

2017, 2019, 2020, 2021, 2022

Special properties

* The source made changes to 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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