Digital Payment Trends and Methods in Singapore and APAC (2026)

Learn about the growth of digital payments in Singapore and APAC, including the latest trends and methods businesses need to master in 2025, and as we look ahead to 2026.

Singapore is Southeast Asia’s leading financial center, only surpassed globally by New York, London, and Hong Kong. It is also a leader in cashless infrastructure, with the highest average transaction value per digital commerce user in Southeast Asia.

For those looking to go cashless in Singapore, there are a variety of digital payment methods to choose from. These include traditional options such as credit and debit cards, as well as modern innovations like digital wallets, buy now, pay later (BNPL) providers, QR code payments like PayNow, and even hybrid fiat/stablecoin cards—all within one of the world’s strictest jurisdictions, where crypto is not considered legal tender, but are regulated as digital payment tokens (DPTs) under the Payment Services Act. With so many methods available, it would be easy for retailers to feel overwhelmed, but for businesses, being on top of digital payment trends is non-negotiable.

One key reason these trends are so important for retailers is how much digital payments matter to their customers. Four out of five (77%) consumers said that when shopping with international merchants, they would abandon a purchase if their preferred payment method was not supported. That is a lot of potential sales that businesses could be losing out on if they fail to keep up.

Given the widespread adoption of digital payments in Singapore and their growing popularity across APAC, businesses that operate in this region must make sure they are offering the payment options their customers expect. Let’s explore the most common payment methods, how they work, what the future might hold, and the importance of compliance with financial regulations.

What are the most common payment methods in Singapore?

Digital payment methods now dominate in Singapore. According to estimates, only 13% of the country’s in-person ‘point of sale (POS)’ transactions used cash in 2024, with this predicted to fall to 8% by 2030. For e-commerce transactions, the use of cash is negligible, accounting for just 1% of sales.

The most common payment methods in Singapore, based on their share of total transaction value, are set out in the table below.

Source: Worldpay’s 2025 Global Payments Report

How Singapore is simplifying digital payments with QR codes

The Singaporean government has supported the growth of QR-code payments through initiatives such as the Singapore Quick Response code (SGQR) and SGQR+ systems. These were introduced jointly by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA), Singapore’s central financial regulator and digital infrastructure agency.

Retailers in Singapore use QR codes to allow customers to quickly make payments using various digital payment methods.

SGQR allows retailers to display a single QR code for customers to scan. Once the code is scanned on the customer’s smartphone, the customer can choose from any of the payment options the retailer supports, including PayNow, which has become one of the most widely used QR-based payment methods in Singapore. The adoption of SGQR has significantly streamlined the use of digital payments, and it is now commonly used across Singapore, but it does have its drawbacks.

One limiting factor of SGQR is that retailers still need to have individual contracts with all of the payment providers they want to support. If a retailer does not have a contract with a particular provider, customers will not be able to make a payment using that provider, potentially limiting retailers’ sales. The good news is that this is now being addressed with the new SGQR+ system.

The SGQR+ system improves on the previous version by introducing an ‘open-loop’ system. This means retailers only have to sign a contract with a single entity in order for their customers to be able to use any payment provider that is a member of SGQR+. As a result, customers can use the digital payment method of their choice without incurring additional integration requirements or administrative burden for retailers.

How do NFC payments work in Singapore?

While QR codes offer a popular option for contactless payments, near-field communication ( NFC ) payments are still widely used. This technology allows payments to be made using contactless cards, smartphones, and other smart technology by holding the card or device near a payment terminal at a point of sale.

Over 80% of consumers in Singapore use contactless cards, and 97% of contactless payments made using mobile devices used NFC technology in 2022.

The role of e-wallets in Singapore

The Singaporean government has also supported the growth of e-wallets through the SGQR and SGQR+ projects. This is part of Singapore’s wider Smart Nation Initiative, which includes MAS's commitment to create an “electronic payments society.”

This vision appears to be coming true.

E-wallets are playing an important role in Singapore’s economy. Digital wallets made up 39% of Singapore’s e-commerce transaction value in 2024, up from just 7% in 2014.

At physical points of sale (POS), digital wallet usage grew from about 1% in 2014 to 29% in 2024, showing a strong rise in everyday offline payments too.

While credit/debit cards are still dominant (around 50%+ of POS and online spend), projections expect digital wallets to overtake credit cards in online transactions by ~2027.

Overall, e-wallets also enhance convenience, speed, and security for consumers, reducing friction, enabling contactless payments, and supporting Singapore’s drive toward a more cashless, digital economy.

However, this convenience goes hand in hand with strict regulations.

The Payment Services Act 2019 is the key legislation for digital payment providers, overseen by MAS. Under the Act, providers must meet Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations. These include taking a risk-based approach to users, carrying out Customer Due Diligence (CDD) checks, implementing effective transaction monitoring, and flagging any suspicious transactions with MAS.

Mobile wallets in Singapore: How to choose the best?

With so many different e-wallets for consumers to choose from, knowing which one to pick will depend on their specific requirements. For vendors, offering support for payments using the most popular digital wallets in your country will give you the widest possible pool of potential customers.

Some of the key features to consider when choosing a mobile wallet include:

• Coverage. The more vendors that accept a particular provider, the more useful it will be.
• Security. It is essential to make sure your financial and other personal information is secure, so consumers should always pick a provider with robust security.
• Regulatory compliance. In Singapore, providers regulated by the MAS are subject to licensing, oversight, and specific consumer protection rules, which may offer greater trust and consumer protection.
• Eligibility requirements. Some payment providers have requirements that not all consumers will be able to meet. For example, DBS PayLah! requires a Singapore-registered mobile number.
• Integration with services. Some wallets link seamlessly with ride-hailing, food delivery, and e-commerce platforms, which adds everyday convenience.
• User experience. Ease of setup, speed at checkout, and app design can make a big difference in how often people actually use a wallet.
• Cross-border availability. For frequent travellers, providers that work in multiple countries are often more convenient. Apple Pay and Google Pay are two of the most widely accepted digital wallets internationally.
• Rewards. Some providers offer rewards such as cashback, which can boost the value of using them.

How tourists and foreigners can pay in Singapore: Digital payment options 2025

Foreigners and tourists visiting Singapore and other APAC countries should familiarize themselves with the best local payment options before travelling.

Some of the payment methods popular with visitors include:

• Digital wallets. These can offer a simple, frictionless way to make payments worldwide, with Singapore’s SGQR system making this particularly straightforward.

Tip: many cafés and small shops accept PayNow/PayLah! via SGQR, but you’ll need a compatible wallet linked to a local or multi-currency account to use it directly.

• Credit cards. Credit cards using the American Express, Mastercard, and Visa networks should all be widely accepted in Singapore and APAC.

Tip: tap-to-pay (contactless) is almost universal in Singapore. Even hawker centres and taxis increasingly accept contactless cards.

• Prepaid cards. Prepaid credit and debit cards allow users to load a balance or add a security deposit to a card, helping with budgeting while being safer than cash.
• Local accounts. Opening an account with a local bank is generally not an option for most short-term visitors to Singapore and APAC countries, but there is a solution. Some financial service providers allow users to open foreign currency or multi-currency accounts, which can make things easier for tourists and foreigners travelling through Singapore and APAC.

Tip: services like Wise or Revolut can give you a Singapore-dollar balance and a card you can use for local SGQR payments or ATM withdrawals at better rates than traditional banks.

Yet, in some areas and with certain types of vendors, cash may still be a choice worth considering, although the risk of theft can be a concern.

Digital payment trends in APAC: A regional comparison

The trend towards digital payments is also seen more widely across the Asia-Pacific (APAC) region.

According to WorldPay data, between 2014 and 2024, the use of digital payment methods for e-commerce sales in APAC nearly doubled: from 42% to 81%. For in-person, POS sales, the increase was even bigger, going from 6% in 2014 to 59% in 2024. This trend is expected to continue, with digital payments predicted to make up 89% of e-commerce sales and 71% of POS sales by 2030.

• Digital wallets are by far the most popular payment method across APAC, accounting for 74% of e-commerce sales and 54% of POS sales. This represents a big increase over the last ten years, when compared to figures of 30% and 6% respectively in 2014. This is predicted to rise to 80% for e-com and 65% for POS by 2030.

• Direct bank transfers are used for 4% of both e-com and POS sales. In 2014, they made up 12% of e-com sales with no figures for POS sales. This is expected to stay the same for e-com up to 2030, with a small increase to 5% for POS.

• Buy now, pay later providers (BNPL) accounts for 4% of e-com transactions and 1% of POS. In 2014, they made up less than 1% of e-com sales, and no figures were recorded for POS sales. By 2030, BNPL is expected to still account for 4% of e-com sales while doubling to 2% for POS sales.

• Credit cards are the second most popular payment method overall, being used for 12% of e-com sales and 18% of POS sales. In 2014, they were used for 34% of e-com sales and 15% of POS sales. This means they have become a little more popular for in-person transactions but much less popular for buying online. WorldPay predicts credit card use will fall to just 7% for e-com sales by 2030, with usage for POS sales down to 13%.

• Debit and prepaid cards are now used for just 5% of e-com transactions and 9% of POS transactions, falling from 9% and 12% respectively in 2014. By 2030, this will be 3% and 5% respectively, based on WorldPay figures.

However, the introduction of hybrid prepaid cards that can be loaded with both traditional ‘fiat’ currency and digital assets (such as cryptocurrencies and stablecoins) could disrupt this downward trend. For example, in 2025, Singapore saw the launch of DeCard Visa, which can be preloaded with either Singapore dollars or stablecoins like USDT and USDC. This could become a popular option for those holding digital assets, which in many jurisdictions cannot be readily used for making purchases. For example, in Singapore, cryptocurrency is currently not considered legal tender.

• Cash is now used for just 2% of e-com sales and 14% of POS sales in APAC. In 2014, 15% of e-com sales and 67% of POS sales were conducted with cash, so this represents a very steep decline in cash usage across the board. This will fall to 1% for e-com and 9% for POS by 2030, according to WorldPay.

Current trends in APAC:

• A strong shift toward digital wallets for both e-commerce and POS payments.
• A modest decline in credit card usage, especially for e-commerce.
• Continued falling use of cash, especially in urban and digitally mature markets.

Predicted future trends:

• Digital wallets will become more dominant still, capturing a greater share at both online and physical stores.
• Credit card usage will decline further, particularly for routine/e-commerce transactions.
• Cash will continue to lose ground, though in some markets, it may persist due to infrastructure, rural usage, or regulatory and cultural factors.
• Hybrid prepaid cards (fiat + stablecoin) may rise in prominence as regulatory clarity improves and demand for digital-asset spending increases. However, unless scaled by big players, this will likely be niche or early-adopter driven.

However, there is significant variation in the uptake of different digital payment methods across APAC countries, with some leading examples covered in the tables below.

APAC payment methods for e-commerce sales by transaction value

Source: Worldpay’s 2025 Global Payments Report using data from 2024

APAC payment methods for POS sales by transaction value

Source: Worldpay’s 2025 Global Payments Report using data from 2024

Future of cashless payments in APAC

If current trends continue, cashless payments can be expected to account for even more of the APAC market in the near future. As covered above, global fintech leader Worldpay predicts digital payments will account for 89% of e-commerce sales and 71% of POS sales by transaction value in 2030.

Here are some of the key changes related to this trend:

• Increased use of funds transfer services. Generation Z is a key driver of the move to digital payments in APAC countries like Singapore. Funds transfer service PayNow is the preferred digital payment provider for 68% of Singapore’s Gen Z consumers, and 29% use e-wallet provider GrabPay, according to research by leading accounting software provider, Xero.
• Enhanced security that makes authenticating transactions easier. Digital payments are being made simpler and more secure through the use of biometrics to authenticate payments. For example, Mastercard is now switching from using one-time passwords to authentic transactions to offering consumers the option to use biometrics such as their fingerprints and face scans.
• Introduction of new tools to simplify paying digitally. For example, Singapore’s introduction of the SGQR+ system should make it easier for a wider variety of payment providers to operate in the country. This makes the payment process simpler for customers, less onerous for businesses, and could help new providers to establish themselves.
• Tightening of regulations. 90% of jurisdictions in APAC have established regulatory frameworks for digital payments, according to one University of Cambridge study. Around half (55%) do this under a general regulatory framework, while just under a third (30%) have specific regulations for digital payments. Examples of recent legislation include Thailand’s introduction of regulations to prevent and suppress technology crimes. These regulations include, amongst other measures, a requirement for digital wallet and e-money providers to meet strict Know Your Customer (KYC) requirements to reduce the risk of fraud. This should help to make the sector safer for businesses and consumers in Thailand.
• Growth of hybrid payments. Hybrid payments, such as those blending fiat currency and crypto, or fiat and stablecoins, are growing in popularity, for example, DeCard Visa in Singapore. These can provide a legitimate means for holders of digital assets to spend them more widely, including in places where they are not legal tender.

Fraud in the Singapore payment industry: 2025 and beyond

With the fast adoption of various digital payment methods, the number of payment scams in APAC persists, which not only leads to direct losses but also erodes trust in innovative payments.

Singapore police have reported that although the overall number of scam cases decreased in 2025 compared to the previous year, the median loss per case increased by 36.4%, rising to $1,500 in the first half of 2025 from $1,100 in the same period in 2024. Specifically, e-commerce scams (which usually involve payment fraud) ranked #2 after phishing scams among the top 10 scam types in Singapore in 2025, based on the number of reported cases, with a total loss of S$7.6 million in H1 2025.

The fraud rates in the region led to increased regulatory intervention: MAS and IMDA rolled out the Shared Responsibility Framework ( SRF) in December 2024, shifting liability among banks, telcos, and users in scam cases and highlighting a strong need for compliance and robust anti-fraud solutions.

How compliance and verification underpin APAC’s payment innovation

Almost all APAC jurisdictions have regulations that cover digital payments. A key area of regulation is anti-money laundering (AML) and countering terrorist financing (CTF), with payment providers having strict compliance obligations in regulated markets.

For example, in Singapore, payment providers have AML/CTF obligations under the Payment Services Act 2019, which include:

• Taking a risk-based approach to users. Classifying users based on their risk profile and implementing additional AML/CTF checks and protective measures for higher-risk users.
• Carrying out Customer Due Diligence (CDD). To verify user identity, including enhanced checks for higher-risk users such as politically exposed persons (PEPs).
• Screening customers and their transactions against applicable sanctions and terrorist watchlists.
• Implementing effective transaction monitoring. Giving real-time scrutiny to users’ transactions and patterns of behaviour so any suspicious activity can be investigated and reported as required.
• Maintaining robust records. To ensure any patterns of activity can be identified, effective investigations are carried out, and accurate reports are generated.
• Reporting any suspicious transactions to MAS. So they can be promptly investigated.

It is essential that payment providers meet their regulatory obligations to avoid penalties and maintain consumer trust in their platforms.

Combating fraud is also essential in Singapore and APAC’s payment and finance markets to protect businesses, consumers, and the integrity of rapidly growing digital ecosystems. With the region seeing rapid adoption of new payment methods, robust anti-fraud measures are critical to maintaining trust and ensuring sustainable market growth.

FAQ

• What is the most used payment method in Singapore?

  Digital wallets are the most commonly used payment method for e-commerce sales in Singapore, accounting for 39% of the market by transaction value. They are also used for 29% of in-person transactions. Credit cards come second for e-commerce, being used for 37% of sales, but are slightly ahead of digital wallets for in-person sales at 34%.

• Is cash still accepted in Singapore?

  Yes, cash is still accepted in Singapore but it now makes up for only 13% of in-person transactions, and this is expected to decline to just 8% by 2030. The Singapore dollar is the official currency, but US dollars and other foreign currencies may be accepted by some vendors in more tourist-heavy areas.

• Which e-wallets are available in Singapore?

Digital wallets like DBS PayLah!, GrabPay, Apple Pay, Google Pay, and Revolut are widely used in Singapore.

• Can tourists use mobile wallets in Singapore?

International e-wallet providers such as Apple Pay and Google Pay should work for tourists in Singapore. Some local digital wallet providers, such as DBS PayLah!, may not be suitable for tourists as they require local credentials, such as a Singapore-registered mobile number.