Singaporean's use of credit cards for cross-border shopping declines by 11%

It is still, however, the most used payment method when shopping outside SG.

Singaporean's use of credit cards for cross-border shopping declined by 11% in 2022, according to PayPal's Borderless Commerce Report.

Whilst there has been a decline in its use, credit cards remained to be the most used payment method amongst Singaporeans shopping cross-border (56%), followed by PayPal (33%), and debit cards (27%).

According to the report, the decline in the use of credit cards is a sign that merchants need to further expand payment options.

In terms of gadgets used when shopping cross-border, most Singaporeans (84%) do it through their smartphones, whilst others (55%) shop via their laptop.

the products that Singaporeans usually buy are clothing (44%), consumer electronics (22%), and cosmetics (18%) from China (56%), the USA (29%), and South Korea (19%).

Most Singaporeans purchase products either through an online marketplace (84%), the brand's website (36%_, or a retailer's website (34%).

According to PayPal, this finding shows that "partnering with large online marketplaces will help drive greater omnichannel opportunities, leading to a greater customer base."

When asked why they prefer to shop in other countries, more than half (54%) of Singaporeans cited better prices, whilst others said the items they want are not available locally (48%).