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Singapore
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Top e-commerce industries
25%
Electronics
18.4%
Hobby & Leisure
19.6%
Fashion
Furniture & Homeware
Care Products
DIY
Grocery
Singapore
Capital
6M
Population
+8
Time Zone (GMT)
SGD (S$)
Currency
Singapore dollar
$109.1B
Transactions
value in 2028
22.5%
CAGR
of Digital Payments
during 2024-2028
during 2024-2028
Popularity of e-commerce payment methods
Extend your reach
Bank transfers play a significant role in Singapore's e-commerce ecosystem, facilitated by real-time systems like FAST and PayNow. These payment methods enable seamless online transactions, allowing customers to transfer funds directly from their bank accounts to merchants without requiring credit cards or additional payment platforms.
Method
Bank Transfer (SG)
Bank Transfer (SG)
LPM Market Share
68%
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
4M
Disbursements
Yes
Yes
Chargebacks
$25.00
$25.00
