Business

Local payments make up three-quarters of online transactions


Transactions with local entities made up about three-quarters of online payments with locally issued cards over the past three years, Senior Minister of State for Trade and Industry Sim Ann said yesterday.

But there is still room to grow in expanding local retailers' e-commerce capacity, she added.

Ms Sim was replying in Parliament to MP Saktiandi Supaat (Bishan-Toa Payoh GRC), who had asked about the impact of overseas e-commerce on local businesses.

OPPORTUNITY

"While e-commerce presents competition... it also gives Singapore retailers the opportunity to expand their reach," she said.

In all, online payments to local entities were worth about $18.3 billion over the past three years, against the $6.4 billion of transactions with foreign entities.

But this includes e-commerce and other payments such as bills, she noted. About 3 per cent of retail receipts in Singapore comes from e-commerce.

The Government has previously said it aims to raise this share to 10 per cent by 2020.

Ms Sim told Parliament that government agencies, trade associations and chambers and private-sector companies can all help local small and medium-sized enterprises build digital capabilities and gain access to online marketplaces.

Online BusinessSINGAPORE PARLIAMENTEconomy