Why do cards still dominate even in advanced instant-payment markets?
Instant payment rails are expanding fast, but new data suggests they are adding to the checkout mix rather than replacing cards. A study from payments provider Nuvei on Singapore, one of Asia's most digitized markets, found credit cards are still projected to lead online purchases through 2028, even as the local instant-payment system PayNow gains share [1]. The pattern echoes Brazil, where Pix and credit cards increasingly serve different roles in the same checkout [1].
“Even in one of Asia's most advanced instant-payment ecosystems, cards remain relevant while digital wallets and account-to-account transfers gain space.”
Cards keep leading in Singapore because payment evolution tends to expand options rather than swap one method for another. Nuvei's data shows credit cards represented 56% of Singapore's online purchases in 2024 and are expected to inch up to 57% by 2028 [1]. Bank transfers powered by PayNow are projected to grow from 8% to 9% in the same period, while debit cards slide from 21% to 18% [1].
Daniel Moretto, Nuvei's senior vice president for Latin America, frames this as evidence that growth in payments comes from expanding choice rather than replacement.
| Payment method | Share, 2024 | Projected share, 2028 |
|---|---|---|
| Credit cards | 56% [1] | 57% [1] |
| Debit cards | 21% [1] | 18% [1] |
| Bank transfers (PayNow) | 8% [1] | 9% [1] |
How are instant payments like PayNow expanding without replacing cards?
PayNow is growing mainly by extending reach across borders and cutting merchant costs, not by displacing card volume. The system connects Singaporean banks, consumers and businesses, and links to instant-payment systems in other countries, including Thailand's PromptPay and Malaysia's DuitNow [1]. Its connection to India's UPI is supported by 19 participating banks in Singapore [1].
Because the payer initiates the transaction directly through a phone number or QR code, Xiaoxi Zhang, Nuvei's head of product for Asia-Pacific, notes the model can also reduce certain fraud risks [1]. Cost is another factor: PayNow generally runs on lower fees than card networks, according to the study [1].
What drives checkout choices in a mature market like Singapore?
Payment behavior in Singapore still comes down to price, convenience and discovery, not just rail speed. The Nuvei study found 85% of consumers there shop via smartphone and 67% use marketplace apps, even in a market with high purchasing power [1].
The takeaway for merchants: cutting payment options adds friction right at the point where purchase intent is highest, regardless of how advanced the local instant-payment rail is [1].
- 54.3% cite free shipping as a purchase incentive [1]
- 42.6% cite discounts and coupons [1]
- For cross-border purchases, 54% look for lower prices, 48% seek products unavailable locally, and 39% want to discover new items [1]
Do Pix and credit cards play different roles in Brazil's checkout?
Yes. Visa Conecta's "Panorama E-commerce" survey found Pix was the payment method used in 45% of consumers' last online purchase, just behind credit cards at 47%, showing the two methods now split checkout share almost evenly [1]. Nuvemshop's transactional data over June-August 2026 sharpens that picture: Pix overtook cards in number of orders across its merchant base, growing nearly 50% year over year. Cards, meanwhile, kept a materially higher average ticket over the same period [2].
Boleto, Brazil's traditional bank slip, is losing ground in parallel: its share of total value sold fell from 1.4% to 0.9% in the same period, with financial volume down 7.4% year over year [2].
| Metric (Nuvemshop, Jun-Aug 2026) | Pix | Credit card |
|---|---|---|
| Average ticket | R$233.80 [2] | R$339.97 [2] |
| YoY growth in paid sales | ~50% [2] | -- |
| Share of order volume | Higher order count [2] | Lower order count, higher value [2] |
Why does the average ticket differ so much between Pix and cards?
Cards keep a higher average ticket because Brazilian shoppers increasingly stretch big-ticket purchases across longer installment plans, a financing option Pix does not replicate the same way. Nuvemshop data shows the share of card revenue paid in a single installment fell from 60.7% to 57.2% year over year, while revenue from purchases split into 10 installments grew 54% [2]. For 12-installment purchases, the average ticket rose 21.5%, from R$825 to R$1,003 [2].
Merchants are actively shaping this split. In the NuvemCommerce 2026 survey of more than 1,500 Brazilian retailers, 52% said they offer a discount for upfront Pix payments, the second most common discount tactic after generic coupons. Meanwhile, 43% offer interest-free card installments and 15% offer some installment option outside of cards, via Pix or split boleto [2].
What does instant payments' growth mean for global payments strategy?
The Singapore-Brazil pattern lines up with what McKinsey's 2025 Global Payments Report finds worldwide: cash is shrinking, but the money is moving into a wider mix of rails rather than into a single winner.
McKinsey singles out Pix, alongside Spain's Bizum and India's UPI, as one of the instant-payment overlays reshaping regional payments architecture [4]. Brazil's own e-commerce base underlines the stakes: online shopping revenue reached nearly 186 billion reais in 2023, more than double the 2019 figure [3].
- Cash usage fell to 46% of worldwide payments in 2024, down from 50% in 2023 [4]
- Account-to-account payments through digital wallets grew to cover roughly 30% of global point-of-sale volume, led by markets including India, Brazil and Nigeria [4]
- In Latin America, consumer credit cards still account for 32% of total regional payments revenue, reflecting how central installment credit remains to the region's spending habits [4]
What's the practical takeaway for merchants?
For merchants and platform teams, the practical implication is the same across both markets: building checkout around a single dominant rail, whether cards or an instant-payment system, is increasingly out of step with how consumers pay. Moretto's conclusion for Singapore applies just as directly to Brazil and beyond.
“The main transformation does not necessarily depend on fully replacing one payment method with another, but on building infrastructure capable of expanding the options available, serving different purchase journeys, and connecting transactions across countries.”
Cards, Pix, digital wallets and instant transfers are settling into distinct roles inside the same checkout rather than competing for a single winner-take-all outcome [1].
Sources
- [1]E-Commerce Brasil, Pagamentos instantâneos avançam, mas cartões seguem relevantes no e-commerce — ecommercebrasil.com.br
- [2]E-Commerce Brasil, Pix ou cartão? Dados mostram como o brasileiro paga no comércio eletrônico — ecommercebrasil.com.br
- [3]Statista, E-commerce in Brazil - statistics & facts — statista.com
- [4]McKinsey & Company, The 2025 McKinsey Global Payments Report: Competing systems, contested outcomes — mckinsey.com
