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BNPL to account for 2% of total spending in Singapore by 2027

Buy now, pay later (BNPL) services will continue as a key payment option in Singapore, maintaining a steady 2% of total spending by 2027, according to Worldpay’s 2024 Global Payments Report. In contrast, digital wallets are projected to rise sharply, accounting for 45% of spending by 2027, up from 24% in 2023. Meanwhile, credit and debit card usage is expected to decline. BNPL is particularly popular among Gen Z and young millennials in Singapore, who appreciate the convenience and interest-free payment options. However, the sector faces challenges, including increased competition and regulatory scrutiny. Notably, several BNPL firms have exited the market in 2023, and traditional banks are increasingly offering similar services.


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