Singapore's card payments market to grow by 14.3% in 2024

The rising demand for non-cash payments will drive this growth.

The card payments market in Singapore is forecast to grow by 14.3% to $162.1b in 2024 amidst constant consumer shift towards non-cash payments, GlobalData reported.

In 2022, the market grew 20.9% due to increased consumer spending. This growth continued into 2023, with the market rising 13.7% to $141.9b.

The rising acceptance of card payments amongst consumers and merchants is boosted by the government’s Productivity Solutions Grant (PSG) which provides businesses subsidies on IT solutions and equipment, including POS installations.

Singapore's advanced payment infrastructure has boosted card payments growth, with POS terminal penetration at 53,562 per 1 million people, one of the highest in Asia, behind only South Korea.

GlobalData also revealed that in 2023, credit and charge cards comprised 65.6% of card payment value due to their benefits such as flexible payments and rewards, whilst debit cards accounted for 34.4% and were increasingly used for low-to-medium value transactions.

In addition, over 70% of Singaporeans reported having access to a contactless card and using it for payments.

GlobalData surveyed 50,000 respondents aged 18 and above across 40 countries in Q2 2023.