, Singapore
359 view s

Singapore card payments market to hit $158b in 2023

Credit cards took the lion’s share in market value at 60% in 2019.

Singapore’s card payments market is set to reach $158b (US$116b) in 2023 from S111.9b (US$82.1b) in 2019, according to a GlobalData report.

The government’s cashless efforts alongside rising consumer awareness and a better payment structure spurred growth, with the average Singaporean holding more than three cards.

Credit cards led the market share by value at 60% in 2019 with a strong CAGR of 10.1% from 2015 to 2019, mainly driven by pricing benefits and value added services, said GlobalData banking and payments analyst Nikhil Reddy.

The rising adoption of contactless cards will further propel the shift to a cashless society, GlobalData added. From April 2019, the Land Transport Authority allowed contactless payments at MRT or bus rides using Mastercard credit and debit cards, later extending the service to Visa cardholders in June, and to Network for Electronic Transfers (NETS) cardholders in November.
 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!