In September 2019, Singapore deployed more than 32,000 QR-codes across different merchant categories
According to GlobalData, the push for digital payments amid COVID-19 is driving the adoption of e-payments in Singapore.
The country aims to keep on making steady progress in reducing cash usage along with the support of different government measures. This way, the cash share in total payments volume expected to decline from 48.3% in 2019 to 39% by 2023.
The data found that the number of credit transfers boosted from 61 million in 2015 to 133 million in 2019 whereas card payments increased from 611 million to 1.2 billion during the same period.
In addition to that, the launch of the Singapore Quick Response Code (SGQR) in September 2018 enabled the QR code-based payments to gain popularity and be widely used across the country.