SINGAPORE: Singapore’s card payments market is projected to experience significant growth, with a forecasted increase of 14.3% to reach $162.1 billion in 2024, according to a recent report by GlobalData.
In 2022, the market saw a notable expansion of 20.9%, fueled by heightened consumer spending. The positive trend persisted into 2023, with card payments rising by 13.7% to $141.9 billion. A key driver of this growth is the Singaporean government’s Productivity Solutions Grant , which offers businesses subsidies for IT solutions and equipment, including point-of-sale installations.Singapore’s advanced payment infrastructure further supports this growth. The country’s POS terminal penetration stands at 53,562 per million people, ranking it among the highest in Asia, second only to South Korea.In 2023, credit and charge cards accounted for 65.
Additionally, over 70% of Singaporeans reported having access to contactless cards and utilizing them for payments, highlighting a strong preference for convenience in transactions.