Card payments in Singapore will reach $116B over 3 years

The average Singaporean holding possesses more than three cards

Singapore card payments

Card payments in Singapore will reach $116B over 3 years. Source: shutterstock.com

Singapore card payments are set to grow from $82.1 billion in 2019 to $116 billion in 2023, according to GlobalData. The data reveals that Singapore’s payment card market is mainly driven by credit cards, accounted for 60% share by value last year.

The high preference for credit card is also driven by pricing benefits and value-added services associated with these cards, which include reward points, promotions, discounts, and installment facilities
Nikhil Reddy, Banking and Payments Analyst at GlobalData

Most banks in Singapore provide private banking services to customers along with free credit cards, according to data. Besides, high-income individuals traditionally prefer credit cards for payments, which better suits their wealthy lifestyle.

GlobalData says that increasing the adoption of contactless cards will also propel growth in card payments. From April 2019, the Land Transport Authority allowed commuters to make contactless payments at bus rides using Mastercard contactless credit and debit cards.

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