The people of Singapore trust cards the most when it comes to making payments, says the FIS Global Payments Report 2023, released by Worldpay on April 11. Credit cards accounted for 36 per cent of all point-of-sale (POS) transactions made in the country in 2022, followed by debit cards at 21 per cent and cash at 19 per cent.
Credit cards were used in 42 per cent of e-commerce transactions, followed by digital wallets at 32 per cent. Debit cards were third, at 11 per cent. Cash on delivery accounted for only 1 per cent of the total transaction value.
FIS provides technology solutions for financial institutions and businesses across industries globally. From 2015, the company has been publishing the report annually. It measures the monetary value of e-commerce and POS transactions across various payment methods, including digital wallets such as GrabPay, Google Wallet and Apple Pay, credit cards and “buy now, pay later,” a type of short-term financing without interest charges or fees.
In the Asia-Pacific region, digital wallet use is expected to account for the most e-commerce (73 per cent) and POS (59 per cent) transaction value by 2026. In 2022, it was 69 per cent and 47 per cent, respectively. The adoption of digital wallets by Singapore consumers is lagging compared to other South-east Asian markets, particularly for POS transactions, where e-wallets came in at 18 per cent in 2022.