BNPL to be the fastest growing online payment method in Singapore

The Edge Singapore
The Edge Singapore3/15/2022 04:03 PM GMT+08  • 2 min read
BNPL to be the fastest growing online payment method in Singapore
Yet, credit and charge cards will continue to be the most preferred online and in-store payment methods, says Worldpay from FIS
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Singapore’s e-commerce market is expected to grow at 16% CAGR through 2025 to reach US$10.7 billion, according to the 2022 Global Payments Report by Worldpay from FIS, a financial technology solutions provider.

In 2021, credit/charge cards were the leading online payment method, accounting for 42% of e-commerce transaction value.

However, consumers are showing an increasing preference for buy now, pay later (BNPL) solutions. BNPL is projected to double its share of e-commerce transaction value from 4% in 2021 to 8% in 2025, making it the fastest growing online payment method.

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