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Payment methods in Singapore

Asia
9methods
47banks

Singapore's e-commerce market is worth US$7 billion in 2022, growing to US$12 billion by 2027.

Market takeaways

  • Singapore's e-commerce market is worth US$7 billion in 2022, growing to US$12 billion by 2027.
  • Local card schemes account for 48% of card transactions — well above the global average — primarily through NETS.
  • E-wallets are used in 32% of online transactions, led by GrabPay, PayNow, and DBS PayLah.
  • 65% of Singaporean online purchases are completed on mobile devices.
  • 79% of shoppers have bought cross-border, with US$4 billion spent internationally (53% of total e-commerce).

Population

5.9M

Online population

5.4M

B2C e-commerce

$7B

Banked population

98%

Credit card population

67%

E-commerce of total retail

11%

Payment method breakdown

  • Card53%
  • Cash1%
  • Bank Transfer9%
  • E-Wallet32%
  • Other5%

Card scheme breakdown

  • Visa27%
  • Mastercard19%
  • American Express3%
  • Local Schemes48%
  • Other3%

Cross-border e-commerce

Cross-border shoppers

79%

Share of e-commerce

53%

Cross-border value (est.)

$4B

Featured payment methods in Singapore

All payment methods available in this market, sorted by prominence.

Atome (BNPL)

Atome (BNPL)

Atome is a leading buy-now-pay-later (BNPL) provider in Singapore and Southeast Asia, letting shoppers split purchases into instalments. (Hoolah, a former competitor, was acquired by ShopBack and its BNPL service was discontinued in March 2024.)

NETS

NETS

NETS (Network for Electronic Transfers) is Singapore's domestic debit payment network, responsible for the 48% local card scheme share. NETS-linked debit cards are issued by DBS, OCBC, UOB, and other local banks. NETS supports point-of-sale and e-commerce payments through its QR and card infrastructure.

DBS PayLah!

DBS PayLah!

DBS PayLah! is Singapore's most popular bank-owned e-wallet, operated by DBS Bank. It supports QR code payments, bank transfers, bill payments, and merchant checkout. It is deeply embedded in Singapore's daily payment culture and is particularly popular for hawker centre, retail, and online purchases.

PayNow

PayNow

PayNow is Singapore's interbank real-time payment system operated by the Association of Banks in Singapore (ABS). It enables fund transfers and payments using a mobile number, NRIC/FIN, or UEN (business ID), with 80% of Singapore residents and businesses registered by 2024. PayNow transaction volume reached SGD 5 billion in 2023 and is increasingly used for e-commerce checkout.

RuPay

RuPay

RuPay is India's domestic card network with growing cross-border acceptance through bilateral corridors (e.g. Nepal, Sri Lanka, Mauritius, Singapore) and alliances with JCB/Discover/UnionPay.

GrabPay

GrabPay

GrabPay is the super-app wallet of Grab, used for online and in-app checkout across the Philippines, Malaysia and Singapore. Operator: Grab Holdings (GPay Network). Est. users: Several million users across SEA (2025).

Samsung Pay

Samsung Pay

Samsung's smartphone wallet supporting tap-to-pay and online payments, widely used in Korea. Operator: Samsung Electronics Co., Ltd.. Est. users: Tens of millions of users (2024).

Apple Pay / Samsung Pay

Apple Pay / Samsung Pay

Device-based mobile wallets are highly adopted in Singapore's cashless society. Apple Pay is linked to Visa, Mastercard, and AMEX cards from local banks, while Samsung Pay also supports the NETS debit network — making it particularly relevant for local card payments at compatible terminals.

Atome / Hoolah (BNPL)

Atome / Hoolah (BNPL)

Singapore's BNPL segment is led by Atome and Hoolah (now part of ShopBack Pay), enabling shoppers to split purchases into three interest-free monthly payments. BNPL adoption has grown rapidly in Singapore's fashion, electronics, and lifestyle sectors, with wide merchant acceptance and integration into major e-commerce platforms.

Featured banks in Singapore

All banks operating in this market, sorted by prominence.

DBS Bank

DBS Bank

Singapore

DBS Bank is Singapore's largest bank and Southeast Asia's leading bank, recognised globally for its digital innovation and strong retail, SME, and corporate banking.

JPMorgan Chase

JPMorgan Chase

New York, United States

JPMorgan Chase is the largest US bank and one of the world's largest financial institutions, offering consumer banking, investment banking, commercial banking, and asset management globally.

HSBC Hong Kong

HSBC Hong Kong

Hong Kong

HSBC is Hong Kong's largest bank and the note-issuing bank of the territory, offering retail, commercial, private, and investment banking.

HSBC Holdings

HSBC Holdings

London, United Kingdom

HSBC is one of the world's largest banks by assets, headquartered in London with a dominant presence in Asia. It offers retail, commercial, and investment banking in over 60 countries.

Industrial and Commercial Bank of China (ICBC)

Industrial and Commercial Bank of China (ICBC)

Beijing, China

ICBC is the world's largest bank by total assets and the largest of China's 'Big Four' state-owned banks. It offers retail, corporate, and investment banking globally.

BNP Paribas

BNP Paribas

Paris, France

BNP Paribas is France's largest bank and a global top-10 financial institution, providing retail, corporate, and investment banking, insurance, and asset management across 65 countries.

UBS Group

UBS Group

Zurich, Switzerland

UBS Group is Switzerland's largest bank and one of the world's premier wealth managers. Following its acquisition of Credit Suisse in 2023, UBS now manages over $5 trillion in invested assets globally.

Commonwealth Bank of Australia (CBA)

Commonwealth Bank of Australia (CBA)

Sydney, Australia

CBA is Australia's largest bank by market capitalisation and retail deposits, offering retail, SME, corporate, and institutional banking.

Bank of America

Bank of America

Charlotte, United States

Bank of America is the second-largest US bank by assets, providing consumer banking, wealth management (Merrill Lynch), and global banking and markets services worldwide.

Citigroup (Citi)

Citigroup (Citi)

New York, United States

Citigroup (Citi) is a global diversified financial services holding company, operating in 160+ countries. It is known for its institutional banking, treasury services, and consumer banking across emerging markets.

Royal Bank of Canada (RBC)

Royal Bank of Canada (RBC)

Toronto, Canada

Royal Bank of Canada (RBC) is Canada's largest bank by market cap and assets, providing personal, commercial, corporate, and investment banking in 36 countries.

China Construction Bank (CCB)

China Construction Bank (CCB)

Beijing, China

China Construction Bank is China's second-largest bank, specialising in infrastructure lending, housing finance, and corporate banking. It is one of the four largest banks in the world.

Bank of China (BOC)

Bank of China (BOC)

Beijing, China

Bank of China is China's most internationally active bank, specialising in foreign exchange and cross-border trade finance. It is one of the Big Four state-owned banks.

MUFG (Mitsubishi UFJ Financial Group)

MUFG (Mitsubishi UFJ Financial Group)

Tokyo, Japan

MUFG is Japan's largest bank and one of the world's largest financial groups, offering retail, corporate, investment, and trust banking globally.

OCBC Bank

OCBC Bank

Singapore

OCBC Bank is Singapore's second-largest bank, offering retail, commercial, investment, and Islamic banking through Bank OCBC Al-Amin in Malaysia.

Maybank

Maybank

Kuala Lumpur, Malaysia

Maybank is Malaysia's largest bank and one of Southeast Asia's top financial groups, with a strong ASEAN franchise offering retail, SME, corporate, and Islamic banking.

Morgan Stanley

Morgan Stanley

New York, United States

Morgan Stanley is a global investment bank and wealth management firm, providing institutional securities, investment management, and wealth management services worldwide.

NAB (National Australia Bank)

NAB (National Australia Bank)

Melbourne, Australia

NAB is Australia's fourth-largest bank, focusing on SME and corporate banking, with retail operations and a strong agribusiness franchise.

Westpac Banking Corporation

Westpac Banking Corporation

Sydney, Australia

Westpac is Australia's oldest bank, offering retail, SME, corporate, and institutional banking with a strong presence in New Zealand.

State Bank of India (SBI)

State Bank of India (SBI)

Mumbai, India

State Bank of India is India's largest bank by assets, deposits, and branches, a state-owned institution offering retail, SME, corporate, and international banking.

ANZ Banking Group

ANZ Banking Group

Melbourne, Australia

ANZ is Australia's third-largest bank, with a strong institutional banking franchise and significant presence across Asia-Pacific and New Zealand.

UOB (United Overseas Bank)

UOB (United Overseas Bank)

Singapore

UOB is Singapore's third-largest bank with a strong pan-Asian network covering ASEAN markets, offering retail, SME, and corporate banking.

Goldman Sachs

Goldman Sachs

New York, United States

Goldman Sachs is a leading global investment bank, providing investment banking, securities, asset management, and consumer banking (Marcus). It is a premier advisory firm for corporations and governments.

First Abu Dhabi Bank (FAB)

First Abu Dhabi Bank (FAB)

Abu Dhabi, UAE

FAB (First Abu Dhabi Bank) is the UAE's largest bank and one of the largest in the Middle East, formed from the 2017 merger of FGB and NBAD.

ICICI Bank

ICICI Bank

Mumbai, India

ICICI Bank is India's second-largest private sector bank, offering retail, SME, corporate, and investment banking services.

SMFG (Sumitomo Mitsui Financial Group)

SMFG (Sumitomo Mitsui Financial Group)

Tokyo, Japan

SMFG is Japan's second-largest banking group, with operations in retail, corporate, investment, and consumer finance.

Emirates NBD

Emirates NBD

Dubai, UAE

Emirates NBD is Dubai's largest bank, offering retail, SME, corporate, and private banking with a strong regional and global presence.

DNB Bank

DNB Bank

Oslo, Norway

DNB is Norway's largest financial group and one of the largest in the Nordic region, offering retail, corporate, and investment banking, plus insurance and real estate services.

Bank Mandiri

Bank Mandiri

Jakarta, Indonesia

Bank Mandiri is Indonesia's largest bank by assets, a state-owned institution offering retail, SME, corporate, and Sharia banking.

CIMB Bank

CIMB Bank

Kuala Lumpur, Malaysia

CIMB Bank is Malaysia's second-largest bank and a leading regional bank across ASEAN, offering retail, SME, corporate, and Islamic banking.

Standard Chartered

Standard Chartered

London, United Kingdom

Standard Chartered is a British multinational bank focused on Asia, Africa, and the Middle East. Headquartered in London, it operates in over 50 markets providing corporate and retail banking.

Bangkok Bank

Bangkok Bank

Bangkok, Thailand

Bangkok Bank is Thailand's largest bank by assets, offering retail, SME, and corporate banking with a strong regional network across ASEAN.

Mizuho Financial Group

Mizuho Financial Group

Tokyo, Japan

Mizuho is Japan's third-largest banking group, offering corporate, investment, and retail banking, with strong trade finance and capital markets operations.

Qatar National Bank (QNB)

Qatar National Bank (QNB)

Doha, Qatar

QNB is Qatar's largest bank and the largest bank in the Middle East and Africa by total assets, operating across 31 countries.

Deutsche Bank

Deutsche Bank

Frankfurt, Germany

Deutsche Bank is Germany's largest bank and a leading global investment bank, offering corporate finance, capital markets, transaction banking, and wealth management.

BNI (Bank Negara Indonesia)

BNI (Bank Negara Indonesia)

Jakarta, Indonesia

BNI is Indonesia's third-largest state-owned bank, offering retail, commercial, and international banking services.

CTBC Bank

CTBC Bank

Taipei, Taiwan

CTBC Bank is Taiwan's largest private bank, known for retail, SME, and corporate banking with a growing pan-Asian footprint.

BIDV (Bank for Investment and Development of Vietnam)

BIDV (Bank for Investment and Development of Vietnam)

Hanoi, Vietnam

BIDV is Vietnam's largest bank by total assets, a state-owned bank focused on infrastructure financing, retail, and corporate banking.

Vietcombank

Vietcombank

Hanoi, Vietnam

Vietcombank (Bank for Foreign Trade of Vietnam) is Vietnam's largest bank by market capitalisation and a leading state-owned commercial bank.

RHB Bank

RHB Bank

Kuala Lumpur, Malaysia

RHB Bank is Malaysia's fourth-largest bank, offering retail, SME, and corporate banking with a growing regional presence.

VietinBank

VietinBank

Hanoi, Vietnam

VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade) is Vietnam's second-largest state-owned bank by assets.

Julius Baer

Julius Baer

Zurich, Switzerland

Julius Baer is one of Switzerland's leading pure private banking and wealth management groups, managing assets for high-net-worth individuals globally.

Natixis

Natixis

Paris, France

Natixis is the corporate, investment, insurance, and financial services arm of Groupe BPCE. It provides capital markets, investment banking, and asset management globally.

Pictet Group

Pictet Group

Geneva, Switzerland

Pictet is a Swiss independent private bank founded in Geneva, operating as a partnership. It specialises in wealth and asset management with a global presence.

LGT Group

LGT Group

Vaduz, Liechtenstein

LGT is a private banking and asset management group owned by the Princely House of Liechtenstein, managing assets for ultra-high-net-worth individuals globally.

Lombard Odier

Lombard Odier

Geneva, Switzerland

Lombard Odier is a Swiss private bank and asset manager founded in Geneva in 1796, one of the oldest private banking partnerships in the world.

Other Banks — Singapore

Other Banks — Singapore

Singapore, Singapore

Aggregate of remaining banks in Singapore, collectively ~3.6% of domestic banking assets.

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