| Singapore 2025 Market Overview | |
|---|---|
| Payment Organisation | NETS (Network for Electronic Transfers) – domestic payment service provider in Singapore. NETS is owned by Singapore’s 3 largest banks – DBS, OCBC, and UOB. PayNow Singapore – a national P2P mobile fund transfer service |
| Domestic Payment Brands | NETS cards - bank cards, Prepaid cards, Motoring card, and FlashPay card – mostly for domestic use PayNow is the mobile A2A payment service in Singapore. |
| Market Structure | Card usage in Singapore is one of the highest in South Asia at 335.0 card payments per capita in 2023. |
| Notable Market Trends | Dominance of PayNow and FAST in retail and P2P transactions, Growth in digital wallets and embedded instruments, Exploration of Digital Currency, Expansion in digital credit and BNPL. |
| Major Card Issuers | DBS, UOB. |
| Major Card Acquirers | Worldpay, Fiserv (FDMS). |
| Major Card Processors | NETS (domestic), Global Brands, Leading Banks |
| Singapore Key Statistics 2023 | |
|---|---|
| Population | 5.91 million, with 4.42 bank cards per capita. |
| Cards | Debit: 12.5 million Credit: 13.6 million Total: 26.1 million |
| Card Payments | Debit: 1.04 billion; value SGD 48.83 billion ($36.3 billion) Credit: 0.94 billion; value SGD 93.05 billion ($69.3 billion) Total: 1.98 billion; value SGD 141.88 billion ($105.6 billion) |
| POS Terminals | 337,845 |
| POS Payments | All cards: 1.33 billion; value: SGD 80.27 billion ($59.8 billion) |
| ATMs | 2,485 |
| ATM Withdrawals | All cards: 171.2 million; value: SGD 59.11 billion ($44.0 billion) |
| Digital A2A Payments | Credit Transfers: 436.5 million, value: SGD 963.7 billion |
Introduction – Payments in Singapore
Singapore is a sovereign city-state and island nation in Southeast Asia, governed as a parliamentary republic. Despite its compact geography and population of approximately 5.9 million, Singapore has established itself as a global financial center with a sophisticated regulatory environment and a strong emphasis on innovation, stability, and digital transformation.
As one of the most connected nations globally—with near-universal internet penetration, a tech-savvy population, and a pro-digital government—Singapore has built one of the most advanced and integrated payment ecosystems in the world. The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has played a pivotal role in steering the country towards a cash-lite society, promoting interoperability, security, and real-time payments.
Over the past decade, Singapore has undergone a significant transformation in its payment ecosystem. The Monetary Authority of Singapore (MAS) has championed digitalization through initiatives such as the Singapore Quick Response Code (SGQR), the unified national QR code standard, and the launch of PayNow, the country’s real-time account-to-account (A2A) transfer service. These developments, coupled with widespread smartphone and internet adoption, have accelerated the shift toward cashless payments.
Singapore’s PayNow platform, operated by the Association of Banks in Singapore (ABS) and backed by MAS, allows individuals and businesses to send and receive funds instantly using a mobile number, NRIC, or UEN. Built on top of the FAST (Fast and Secure Transfers) network, PayNow supports real-time interbank transfers 24/7, and is now integrated into nearly all retail bank apps. As of 2024, PayNow is the preferred method for high-frequency, low-value digital payments—especially in peer-to-peer (P2P) and small merchant contexts.
The NETS ecosystem complements PayNow as the core domestic debit card network, with widespread acceptance at over 130,000 acceptance points island-wide. NETS is owned by the 3 largest banks in Singapore – DBS, OCBC, and UOB. NETS debit cards, issued by major local banks like DBS, OCBC, and UOB, are widely used in transit, retail, government services, and hawker centres (public food courts). Although NETS is primarily a domestic system, it has enhanced functionality with contactless, QR code, and stored-value features via NETS FlashPay. NETS cards are not co-badged with international schemes but often coexist alongside separate Visa or Mastercard cards issued by the same banks.
Singapore has also prioritized QR code standardization through SGQR, launched in 2018. This initiative unifies multiple payment QR codes—including PayNow, NETS, Alipay, and GrabPay—into a single national format, allowing consumers to scan one QR code regardless of the payment provider. The QR-based infrastructure is particularly relevant for small businesses and informal economy participants.
The country’s payment innovations are also visible in its rapidly evolving wallet and app ecosystem. Digital wallets such as GrabPay, DBS PayLah!, and FavePay have matured into multi-functional platforms supporting payments, loyalty, promotions, and financial services. GrabPay, in particular, has leveraged its super app status across transport, food delivery, and payments, reaching millions of users and merchants across the region.
Singapore’s financial regulation emphasizes trust, security, and innovation. MAS has implemented key frameworks such as the Payment Services Act (PSA), cyber hygiene notices, and sandbox schemes to support fintech experimentation while safeguarding consumer interest. Additionally, the city-state is a pioneer in cross-border payment linkages, having established real-time payment connectivity with countries such as Thailand (PromptPay), India (UPI), and Malaysia (DuitNow), helping to enable seamless regional fund transfers.
Singapore’s digital payment landscape is shaped by 3 core pillars:
- Card-based payments, with NETS for domestic debit, and Visa, Mastercard, Amex, and UnionPay issued by local and international banks for international transactions.
- Account-to-Account (A2A) real-time payments, primarily via PayNow – enabling instant, interoperable transfers using mobile numbers or national IDs – and the underlying FAST system.
- Mobile wallets and super apps, Platforms like GrabPay and Singtel Dash offer integrated payment, shopping, and financial services, with growing adoption for in-store and online transactions.
These pillars complement each other, enabling consumers and businesses to choose payment methods best suited for specific contexts: cards for structured or international higher-value purchases, A2A transfers for real-time P2P or bill payments, and wallets for micro-payments, lifestyle services, and everyday use in digitally native contexts.
Singapore’s card payments market is among the most mature in Southeast Asia. In 2024, the annual value of card transactions reached $120.7 billion, with cards being the leading payment instrument by transaction volume. Debit cards account for the highest share of card-based payments, while credit cards remain popular due to attractive rewards, cashback, and installment features. The market is supported by a well-developed acceptance infrastructure, with nearly six POS terminals per 100 people and strong merchant participation.
Singapore’s payment landscape is a benchmark for seamless public-private collaboration, technological innovation, infrastructure interoperability, and user-centric design. Its regulatory foresight, digital public goods, and commitment to cashless transformation position it as a model economy for digital payments modernization in both developed and emerging markets.
Legal Framework for Payment Services
Singapore’s payment services sector is governed by a comprehensive and modern regulatory framework, overseen by the Monetary Authority of Singapore (MAS) as the central regulatory authority. MAS’s mandate is to safeguard the stability and integrity of Singapore’s financial system while fostering innovation, competition, and consumer confidence in the payments sector. The regulatory approach is unified and risk-based, with MAS exercising comprehensive powers to license, supervise, and oversee all payment service providers and payment systems in the country.
Guided by its strategic objectives, the MAS has established a comprehensive legal framework governing a wide spectrum of payment activities, encompassing both consumer and business transactions. This framework builds upon existing legislation and introduces new regulations to address evolving technologies and market trends. In line with its broader Smart Nation and digital economy strategies, Singapore’s regulatory approach fosters a risk-calibrated, activity-based framework that balances innovation with consumer protection and systemic stability.
MAS provides a unified regulatory structure for both traditional financial institutions and emerging fintechs, ensuring consistency in oversight across all participants in the payment value chain. It is binding for banks, non-bank financial institutions, and various payment service providers operating in Singapore, with the overarching goal of fostering a secure, efficient, and interoperable payment environment.
The Payment Services (PSA) Act 2019, along with its subsidiary regulations and guidelines, forms the cornerstone of the country’s regulatory structure. Enacted to modernize and consolidate the regulation of payment services, the PSA provides a forward-looking framework that adapts to the rapidly evolving payments landscape while ensuring consumer safeguards and financial stability.
Payment Services Act (PSA) 2019
The PSA came into effect in January 2020 and serves as the primary legislation governing the regulation and supervision of payment services in Singapore. The PSA empowers the MAS as the sole authority for licensing payment service providers, regulating their conduct, and overseeing the safety, efficiency, and integrity of payment systems. This Act establishes a licensing regime for various payment service providers, categorizing them based on the specific payment activities (account issuance, domestic and cross-border money transfer services, foreign exchange transactions, E-money issuance, merchant acquisition, digital payment token services, etc) they undertake. The PSA also empowers MAS to designate payment systems that are critical to the financial system or public interest, subjecting them to enhanced regulatory oversight.
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Regulations and MAS Notices
Payment service providers in Singapore are subject to stringent AML/CFT requirements, aligned with international standards. The MAS issues specific notices and regulations that mandate compliance with Know-Your-Customer (KYC) procedures for onboarding customers and merchants, as well as ongoing monitoring and reporting obligations to prevent illicit financial flows. These regulations apply to a broad range of financial institutions and payment service providers operating within Singapore and are designed to mitigate financial crime risks and uphold the integrity of Singapore’s financial system.
Personal Data Protection Act (PDPA), 2012
The PDPA governs the collection, use, and disclosure of personal data by organizations in Singapore. Payment service providers, in their handling of customer and transaction data, are obligated to comply with the principles and requirements outlined in the PDPA. This includes obtaining consent for data processing, ensuring data security, and providing individuals with rights regarding their personal data.
Banking Sector
The MAS is the central bank and integrated financial regulator responsible for overseeing Singapore’s banking and payments system. MAS formulates and implements monetary policy, supervises financial institutions, and manages the country’s official foreign reserves. The MAS operates independently while maintaining close coordination with the Ministry of Finance, which is responsible for broader financial policies and legislative frameworks. The MAS also regulates the broader financial services sector, including capital markets, insurance, and fintech, through a unified regulatory framework designed to promote stability, transparency, and innovation.
The legal and regulatory infrastructure for banking in Singapore is built on key legislation such as the Banking Act, MAS Act, and Securities and Futures Act, alongside comprehensive regulatory guidelines, notices, and circulars issued by MAS. This framework enables risk-based supervision of banks and ensures alignment with global standards on capital adequacy, liquidity, anti-money laundering, cybersecurity, and financial consumer protection.
Structure
Singapore’s banking landscape is characterized by a mix of local banking giants, foreign banks, and a growing number of digital banks operating under different licenses. These institutions typically offer a comprehensive suite of financial services, including retail banking, corporate banking, investment services, wealth management, and digital payments.
Historically, the local banking landscape has been dominated by three major local banking groups: DBS Bank, Oversea-Chinese Banking Corporation (OCBC Bank), and the United Overseas Bank (UOB). These three local banks are systemically important institutions, collectively accounting for the majority of domestic banking assets. They are recognized for their financial strength, technological innovation, and broad regional presence.
In addition to local banks, Singapore is home to a substantial number of foreign banks, which operate through either full bank licences, wholesale bank licences, or offshore bank licences. Foreign banks play a vital role in Singapore’s financial ecosystem, contributing to the diversity and competitiveness of the sector and supporting the city-state’s position as a global financial hub.
The sector also includes merchant banks, finance companies, and, since 2022, digital full banks and digital wholesale banks. The introduction of digital banks has further enhanced competition and innovation, broadening access to financial services for both retail and SME customers.
According to data from the MAS, as of 2024, Singapore had more than 150 financial institutions, which included:
- 6 Local Banks
- 10 Qualifying Full Banks
- 20 Full Banks
- 97 Wholesale Banks
- 21 Merchant Banks
Singapore’s three largest banks by assets — DBS, OCBC, UOB — together accounted for 53.4% of total banking sector assets in 2023, reflecting a high degree of concentration in the banking sector.
DBS Bank the largest local banking group in Singapore accounting for 21.4% of banking assets as of end-2023, stands as the most dominant financial institution in the country, with a comprehensive presence across consumer, corporate, and institutional banking.
Singapore’s banks are at the forefront of digital innovation, offering advanced mobile banking platforms, integrated payments, wealth management solutions, and seamless cross-border services. The sector is also actively engaged in sustainability initiatives, green finance, and regional expansion.
| 1 - Leading Singaporean Banks in 2023 | |||
|---|---|---|---|
| Bank | Ownership | Total Assets ($m) | Market share |
| DBS | Citibank Nominees Singapore: 19.60%, Maju Holdings: 17.07%, Others: 63.33% | 550,484.7 | 21.4% |
| Oversea-Chinese Banking Corporation (OCBC) | Citibank Nominees Singapore: 16.76%, Selat: 10.40%, Others: 72.84% | 432,929.3 | 16.8% |
| United Overseas Bank (UOB) | Citibank Nominees Singapore: 19.33%, DBSN: 10.17%, Others: 70.5% | 389,813.8 | 15.2% |
| Standard Chartered Bank Singapore | Standard Chartered Plc | 123,648.5 | 4.8% |
| HSBC Singapore | HSBC Holdings plc | 23,712.8 | 0.9% |
| Citibank Singapore | Citigroup Inc. | 39,547.6 | 1.5% |
| Maybank Singapore | Maybank | 29,235.4 | 1.1% |
| Bank of China Singapore | 0.0 | 0.0% | |
| Industrial and Commercial Bank of China (ICBC) Singapore | ICBC | 0.0 | 0.0% |
| IndusInd Bank | IndusInd Bank limited | 0.0 | 0.0% |
| Leading banks total | 1,589,372.2 | 61.8% | |
| other banks | 981,144.6 | 38.2% | |
| Total assets | 2,570,516.8 | 100.0% | |
| Source: Monetary Authority of Singapore (MAS), Bank's Annual Reports, Yearbook research. | |||
DBS Bank was established as the Development Bank of Singapore in 1968 and over the decades, has evolved into a full-service universal bank. As of the end of 2023, DBS is in the three key Asian axes of growth – Greater China, Southeast Asia, and South Asia – operating across 280 branches in 19 countries. The bank boasts more than 17.9 million individual customers and over 280,000 institutional customers as of 2023.
Oversea-Chinese Banking Corporation (OCBC Bank) – the second-largest financial services group in Singapore by total assets with a market share of 16.8% in 2023. OCBC also claims the second largest financial services group in Southeast Asia by assets. The group operates across 19 countries and regions through 420 branches and representative offices with its key markets being Singapore, Malaysia, Indonesia, and Greater China.
United Overseas Bank (UOB) – is a leading bank in Asia and operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand, and Vietnam. The bank has a global network of more than 470 branches and offices across 19 markets in Asia Pacific, Europe, and North America. In Singapore, the bank operates across 61 branches as of 2023.
Digital Banking
Singapore’s digital banking landscape is highly advanced, driven by a combination of established banks including DBS, OCBC, UOB, Standard Chartered, Citibank, and HSBC, new digital-only entrants like Trust Bank, GXS Bank, and MariBank, and robust regulatory support from the Monetary Authority of Singapore (MAS). All major banks, both traditional and digital, offer fully integrated digital banking services, including mobile banking apps, internet banking portals, and seamless integration with Singapore’s real-time payment infrastructure.
As of 2024, Singapore ranked as the most digitally competitive country in the world in the IMD’s World Digital Competitiveness Report. Singapore boasts a very high rate of digital banking adoption, driven by excellent internet penetration, high smartphone usage, and a digitally savvy population. As of October 2023, Singapore had over 1 million digital banking users, with projections to reach 1.7 million by 2025.
Digital banking services typically include real-time account monitoring, fund transfers via FAST and PayNow, bill payments, investment tracking and Robo-advisory tools, card management, personal finance analytics, etc. A defining feature of Singapore’s digital banking ecosystem is the seamless integration with real-time payment systems. PayNow and FAST allow instant, 24/7 fund transfers using mobile numbers, NRIC/FIN, or UENs, supporting both peer-to-peer and merchant payments. These systems are embedded into every major banking app, enabling frictionless transfers and payments across the country.
Digital Banking Initiatives of Commercial banks
DBS – In 2023, DBS’ digital share of customer increased to 62% from 60% in 2022 as the bank continued to make significant progress in digital transformation. The bank reported that digital customers generated three times the income on average than traditional ones in 2023, reflecting more diverse product holdings and more transactions.
UOB Bank – UOB’s digital bank App, UOB TMRW, was ranked top in Singapore in 2024, and its digitally-enabled customer base grew by 9% in 2024, making up 80% of its total customer base in ASEAN (2023: 77%). As of 2024, the bank served 4.6 million customers digitally and one in two customers were acquired digitally.
Top Digital Banks in Singapore
Singapore has been proactive in fostering a digital-first financial landscape, with the Monetary Authority of Singapore (MAS) issuing digital banking licenses to non-bank entities. These digital banks, while operating primarily online and often partnering with established institutions for certain functionalities, aim to provide innovative and customer-centric financial services.
Trust Bank – Trust Bank is Singapore’s first full digital bank to launch publicly and is backed by Standard Chartered Bank and FairPrice Group. Trust Bank started operations in Singapore in September 2022 and had 411,000 retail customers by the end of that year. At the end of 2024, Trust Bank claimed it had reached a milestone of 1 million customers and became the fourth largest retail bank in Singapore by customer numbers. Trust Bank focuses on providing accessible banking solutions for everyday needs, leveraging its integration with the extensive FairPrice ecosystem (Singapore’s largest grocery and retail ecosystem). Its offerings include a savings account with competitive interest rates, a credit card with significant savings on groceries and food through FairPrice, personal loans, and insurance products.
GXS – A joint venture between Grab (a leading ride-hailing and food delivery platform in Southeast Asia) and Singtel (a major telecommunications company in Singapore). GXS Bank aims to serve underbanked consumers, gig economy workers, and micro-SMEs with modular, personalized financial tools by leveraging the extensive reach of its parent companies’ ecosystems. GXS is tightly integrated into the Grab app, enabling ride-hailing, food delivery, and digital banking from a single interface. The bank offers its customers goal-based savings, flexible credit, embedded finance within the Grab ecosystem, and gamified finance management. In November 2024, GXS claimed to have onboarded 3 million customers in Singapore, Malaysia, and Indonesia.
MariBank – MariBank is a full digital bank focused on digital-native consumers and small merchants, particularly those active on e-commerce platforms. The bank is owned by Sea Group, the parent company of e-commerce giant Shopee and digital entertainment platform Garena. Being a digital-only bank, all transactions and financial management are conducted through its mobile application, eliminating the need for physical branches or ATMs.
ANEXT Bank – A digital wholesale bank wholly-owned by Ant International, an affiliate of Alibaba Group. ANEXT Bank focuses on serving Micro, Small, and Medium-sized Enterprises (MSMEs) in Singapore, particularly those engaged in cross-border trade. It offers multi-currency business accounts, lending solutions, and API-based integrations to embed financial services within the platforms that SMEs use daily. ANEXT Bank emphasizes simplified onboarding and aims to be a key enabler for the digital economy, particularly for businesses with international operations.
Payment Services
In Singapore, the major digital payment services can be grouped into several principal categories including:
- Card-based payments
- Prepaid Payment Instruments – Stored Value Facilities – and E-money
- Account-based payment services
- Account-to-Account (A2A) Instant Payment Services, dominated by PayNow
- Buy Now, Pay Later (BNPL) services
- Digital Wallets and Mobile Payment Apps
- Digital Payment Token (DPT) services
Card Processors and PSPs
Singapore’s payment processing ecosystem is advanced and highly regulated, supported by robust financial and technological infrastructure, innovative fintech activity, high digital adoption rate, and a progressive regulatory framework led by the Monetary Authority of Singapore (MAS). The ecosystem comprises card processors, electronic payment service providers, merchant acquirers, and specialized fintechs offering value-added services such as tokenization, fraud detection, and data analytics.
Issuer and Acquirer Processing
Issuer processing services in Singapore cover the complete lifecycle of cardholder management, from the issuance of physical and digital cards to transaction authorization, loyalty program administration, and fraud prevention and detection. These services support a wide range of card types—debit, credit, prepaid—and facilitate usage across POS terminals, e-commerce platforms, mobile wallets, and contactless NFC environments. According to Nilson, issuers in Singapore generated $10.76 billion from 5.6 million cards in 2023.
Acquirer processing is provided by both major banks and independent processors. Independent companies such as WorldPay and Fiserv and banks such as DBS, OCBC, and UOB offer merchant acquiring services, which include POS terminal management, transaction routing, settlement, merchant onboarding, risk assessment, and reporting. Acquirer processors also deliver value-added services like analytics, fraud detection, and integration with loyalty programs. In addition to card payments, acquirers commonly support PayNow QR and digital wallet acceptance, reflecting Singapore’s multi-rail payments landscape.
Leading Card Processors
NETS (Network for Electronic Transfers (Singapore) Pte Ltd) – Singapore’s domestic card processor and debit card scheme and a key enabler of the country’s cashless ecosystem. As of 2024, NETS supported approximately 10 million cards across Singapore, encompassing debit, prepaid, and store-value cards. Similarly, NETS collaborates with 39,000 merchants in Singapore and its acceptance network comprises about 130,000 payment touchpoints. NETS serves as the master acquirer for the Singapore Quick Response Code (SGQR) system. NETS’ infrastructure connects thousands of businesses, including small and medium enterprises (SMEs) to digital payment solutions, supporting both in-store and online transactions.
Adyen – Adyen Singapore offers a comprehensive suite of payment solutions tailored to the needs of modern businesses. Adyen’s core offering in Singapore includes omnichannel payment processing, enabling businesses to accept payments online, in-store, and via mobile channels, with support for all major international and local payment methods—including Visa, Mastercard, American Express, NETS, GrabPay, Apple Pay, Google Pay, and PayNow. Adyen’s global presence includes partnerships with prominent companies such as Facebook, Uber, Spotify, L’Oréal, Cathay Pacific, Grab, Klook, and Singapore Airlines.
Stripe – Stripe is a leading global payment processing and financial infrastructure platform with a strong and growing presence in Singapore. Stripe enables businesses to accept payments online and in-person, supporting various payment methods including credit and debit cards, digital wallets like Apple Pay and Google Pay, and local payment options such as PayNow. Stripe’s platform is highly regarded for its developer-friendly APIs, robust security, and rapid onboarding, making it a preferred choice for Singapore’s digital-first businesses and tech innovators.
Card Brands and Card Types
Singapore’s financial institutions issue a wide range of debit, credit, and prepaid cards, supporting both local and international transactions. These cards are integrated into a robust, multi-network ecosystem designed to accommodate contactless, mobile, and cross-border usage.
- Debit Cards – NETS, Visa, Mastercard, UnionPay
- Credit Cards – Visa, Mastercard, AMEX, UnionPay, JCB
- Prepaid Cards – either open-loop (Visa/Mastercard/NETS FlashPay) or closed-loop (merchant-specific). NETS FlashPay and EZ-Link are the most popular prepaid cards for public transport and small-value retail payments.
- Co-Branded Cards – Banks frequently partner with airlines, supermarkets, petrol companies, and lifestyle brands to issue co-branded cards offering exclusive rewards, discounts, and loyalty points (e.g., KrisFlyer UOB Credit Card, NTUC/OCBC Plus! Visa Card).
Card Usage Trends
- Singapore had about 12.5 million debit cards and 13.7 million credit cards in circulation as of end-2023, according to BIS data. Cards were the most popular payment method for both in-store and online purchases
- Card payments are widely used for retail, dining, transport, e-commerce, and recurring subscription payments
- Contactless and mobile-enabled card payments (via Apple Pay, Google Pay, Samsung Pay, and NETSPay) are mainstream, supporting tap-to-pay and QR code transactions
- Cross-border acceptance is facilitated by global schemes, while NETS cards are also accepted in Malaysia through a partnership with PayNet
Advanced Payment Services
In the Yearbooks, advanced payment services are classified as online wallets, e-wallets, and/or mobile wallets with any type of payment service chosen by the wallet user to complete the payment.
PayPal – PayPal is available in Singapore for both individual and business use. As of end-2023, PayPal reported more than 431 million active customer accounts globally, down 0.91% from 435 million in 2022. During 2022, PayPal added approximately 8.6 million net new active accounts, ending the year with 435 million active consumer and merchant accounts. PayPal’s total payment volume increased to $1.52 trillion in 2023 (up 11.7% from $1.36 trillion in 2022) and customer engagement grew to an average of 58 transactions per active account, driving 13% growth in transactions per active account at the end of 2023.
In May 2022, PayPal Ventures invested in Modulr, an embedded payments platform for digital businesses, as part of a $108 million Series C funding round led by General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe. Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and processes an annualised transaction value of more than £100 billion.
In 2023, PayPal is exploring the sale of Xoom, its international money transfer subsidiary, in a bid to cut costs and focus on high-growth business areas. Also, Stax Payments – an all-in-one payment provider for businesses – announced its partnership with PayPal in July 2023. This partnership will allow PayPal’s users to easily make payments with more than 20,000 merchants of Stax through a fast checkout process as well as new payment options such as Buy-now-pay-later solutions.
In 2023, PayPal launched its own US Dollar denominated stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents and designed for digital payments and Web3. Eligible US PayPal customers who purchase PayPal USD will be able to transfer the token to external wallets, send person-to-person payments, fund purchases at checkouts supported by PayPal, and convert cryptocurrency holdings to and from PayPal USD.
In January 2024, PayPal launched AI-powered features to drive personalised offerings for both merchants and customers based on the data it possesses. These features include Smart Receipts (for merchants) which predicts what shoppers may want to buy next from the merchant. The merchant can then offer personalised recommendations, and cashback offers on this receipt. A major feature for users is CashPass which will use give users personalized cashback offers based on an AI analysis of their spending activity.
In March 2024, PayPal launched a complete suite of payment processing tools for online small businesses in the UK, Canada, and across more than 20 European markets. The PayPal Complete Payments package enables small businesses to accept an expanded range of payment instruments including PayPal, buy now pay later, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world. By April 2024, PayPal added new features to its complete payments solution for small businesses to enable small businesses to accept a range of payments including PayPal, Venmo and PayPal Pay Later products. PayPal also gave small businesses access to four new features to help them drive payment acceptance and enhance how they run their business, and this will include Apple Pay as a checkout option.
Amazon Pay – In 2016, Amazon (US) launched its checkout payment service, Amazon Pay, enabling customers to pay for goods and services in participating third-party merchant websites. All active Amazon account holders can use Amazon login and password at the checkout. More than 50 million customers have used Amazon Pay to make purchases globally, with more than half of these coming from Amazon Prime Members.
Digital Payment Services
In the Yearbooks, digital payment services are classified as card-based payment services using EMV tokenisation security on the internet combined with HCE NFC technology in the case of contactless payments at POS terminals.
As of 2024, the Click to Pay online payment checkout service is available in Singapore for online shoppers using Visa and Mastercard cards, supported by a number of Singapore banks. Click to Pay replaced the previous MasterPass and VISA Checkout services respectively. Click to Pay is a joint service between Mastercard, Visa, Discover and American Express, enabling consumers to make secure one-click payments without having to enter card details or passwords online.
Most Singaporean banks issue NFC-enabled credit and debit cards allowing customers to make tap-to-pay transactions at contactless POS terminals widely accepted across retail, dining, and service merchants. The contactless payment limit without PIN is typically SGD200 per transaction to balance convenience with security. This limit is set by card issuers and payment networks and is an industry standard across Singapore as of 2025.
Apple Pay has become one of the world’s most used digital payment methods. Its user base increased from 521.4 million to 535.8 million in 2022. By 2024, the total number of Apple Pay users was estimated at 640 million and is projected to exceed 700 million by 2027.
According to Apple’s Q2 last 2022, they saw a record of transactions with more than 1.8 billion processed during the quarter, up 40% year-over-year. This payment method is also available in over 90% of the US and 60% of stores globally.
Apple Pay is the #1 most popular digital wallet with a 92% market share, processing a global total of $6 trillion in payments in 2022 and produced a revenue of $1.9 billion.
As of 2023, Apple Pay processed 14.2% of all online consumer payments and 3.5% of all in-store purchases.
Around 51% of global iPhone users have enabled Apple Pay in 2022. There are 10 million Apple Pay-friendly contactless payment terminals worldwide.
The transactions made using Apple Pay are mostly in-store purchases, online transactions, and peer-to-peer payments. It is trendy for contactless payments, especially during the COVID-19 pandemic.
In 2024, an estimated 60.2 million Apple Pay users in the United States; projections indicate that over 75 million consumers will use Apple Pay by 2030. Putting it all together, Apple Pay is increasingly becoming an effective customer acquisition and retention feature for Apple. In June 2022, Apple Pay added Apple Pay Later, its buy-now-pay-later service, allowing users to split purchases into four equal instalments with no interest or fees. Initially launched in the US, the service is expected to roll out to other countries during 2023. In 2023, Apple launched its Card savings account from Goldman Sachs with a 4.15% annual percentage yield. Apple Wallet users can set up and manage a savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements.
As of 2024, Apple Pay was supported by 17 banks and payment service providers in Singapore.
Google Pay has 150 million active users across 42 global markets.
In January 2022, it was reported that the company was planning to transform Google Pay into a “comprehensive digital wallet”, following the app’s reported slow growth and the shutdown of Plex. In April, it was reported that Google was planning to revive the “Google Wallet” branding in a new app or interface and integrated with Google Pay. Google officially announced Google Wallet on May 11, 2022, at the 2022 Google I/O keynote. The app began rolling out on Android smartphones on July 18, replacing the 2018 app and co-existing with the 2020 Google Pay app in the US. While the app name itself was changed from Google Pay to Google Wallet, the service name of actually paying for things online or in-store remains “Google Pay.”.
In the US, Google Pay has over 25.2 million users. Also, Google Pay is used on nearly 800,000 websites as a secure payment gateway. Roughly 20% of all mobile purchases are made using this digital payment processor.
As of 2024, Google Pay was supported by 24 banks and payment service providers in Singapore.
Samsung Pay is available in 29 countries worldwide and has an estimated 140 million users. Samsung Pay works with Galaxy phones, including the latest Galaxy S22. Samsung claims that its system will work with almost all point-of-sale systems: NFC, magnetic stripe and EMV (Europay, Mastercard and Visa) terminals for chip-based cards. In June 2022, Samsung Pay announced the launch of Samsung Wallet, enabling users to organise payment, loyalty, and gift cards into one app.
Samsung Pay was launched in Singapore in 2016 and is supported by 10 banks and payment service providers as of 2024.
Overview of Cashless Payments
Cards are the dominant payment instrument in Singapore, accounting for 89.14% of all cashless payments by number in 2023. Credit transfer (9.25% by volume and 58.61% by value) is the dominant means of payment in terms of value. Cards are widely used for small, frequent purchases such as groceries, dining, public transport, while credit transfers are preferred for high-value payments like salary disbursements, business payments, etc,
Direct Debits (1.3%) have remained relatively stable over the years in Singapore.
The use of cheques has declined significantly from the pandemic to 0.30% of total volume of cashless payments from 0.95% in 2019 This is due to the rapid adoption of digital payments as well as a shift to mobile and digital banking. In Singapore, cheques are primarily used for legacy and formal transactions and predominantly used by corporates although their overall usage has declined with the rise of digital payment systems. The Monetary Authority of Singapore (MAS) has been working to phase out corporate cheque use entirely by 2026, promoting PayNow Corporate, FAST, and GIRO as digital alternatives.
In 2023, there were 797.2 cashless payments per capita, composed of 710.6 card payments, 73.8 credit transfers, 10.4 direct debits, and 2.4 cheques.
| 2 - Average Exchange Rates | ||||||
|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| 1 EUR in SGD | 1.5926 | 1.5273 | 1.5742 | 1.5891 | 1.4512 | 1.4523 |
| 1 USD in SGD | 1.3490 | 1.3640 | 1.3790 | 1.3440 | 1.3790 | 1.3430 |
| Source: ECB, BIS. | ||||||
Exchange Rates
The Singapore Dollar is the domestic currency in Singapore. The SGD appreciated against the USD from SGD 1.349/$ in 2019 to SGD 1.343/$ in 2023.
| 3 - Cashless Payment Transactions in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (millions) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y |
| Payment cards | 4,466.0 | 4,586.1 | 3,474.5 | 3,712.6 | 4,014.2 | 4,205.2 | 4,154.9 | 4.76% | -5.84% | -1.20% |
| Cheques issued | 51.7 | 46.1 | 31.2 | 24.2 | 18.8 | 14.1 | 10.9 | -24.94% | -72.76% | -22.90% |
| Credit transfers | 109.3 | 145.5 | 198.4 | 275.3 | 345.7 | 436.5 | 575.8 | 26.26% | 299.31% | 31.91% |
| Direct debits | 59.5 | 59.8 | 56.9 | 57.9 | 60.3 | 61.5 | 61.8 | 1.87% | 3.25% | 0.64% |
| Total | 4,686.6 | 4,836.5 | 3,761.0 | 4,070.0 | 4,439.0 | 4,717.3 | 4,803.4 | 6.27% | 0.65% | 0.13% |
| Total card payments per capita | 792.0 | 804.1 | 611.1 | 680.8 | 712.1 | 710.6 | 702.1 | -0.21% | -10.28% | -2.15% |
| Total cheques issued per capita | 9.2 | 29235.4 | 5.5 | 4.4 | 3.3 | 2.4 | 1.8 | -28.50% | -74.04% | -23.64% |
| Total credit transfers per capita | 19.4 | 25.5 | 34.9 | 50.5 | 61.3 | 73.8 | 97.3 | 20.27% | 280.48% | 30.64% |
| Total direct debits per capita | 10.6 | 10.5 | 10.0 | 10.6 | 10.7 | 10.4 | 10.5 | -2.96% | -1.62% | -0.33% |
| Total cashless payments per capita | 831.2 | 848.0 | 661.5 | 746.3 | 787.5 | 797.2 | 811.7 | 1.23% | -4.09% | -0.83% |
| Source: BIS. | ||||||||||
Card Issuers – Overview
Singapore’s card issuing landscape is highly developed and digitally integrated, with banks and fintechs offering a full suite of credit cards, debit cards, prepaid cards, and increasingly, co-branded and virtual cards. These products cater to a broad range of customer segments across retail, SME, corporate, and affluent markets, with a strong emphasis on contactless, mobile-enabled, and cross-border functionality.
The card portfolio includes dedicated offerings for specific customer segments: mass-market retail customers, millennials and Gen Z, affluent and high-net-worth individuals (HNIs), small business, freelancers, and MSMEs clients, and corporate clients. The credit card tiers commonly offered include Classic/Essential/Entry-level, Gold/Platinum/Signature, and Infinite/World Elite/ Private banking cards, as well as metal cards and invitation-only elitrcards. Many of these come with co-branded partnerships in travel, hospitality, retail, and mobility sectors, offering benefits like air miles, fuel rebates, shopping vouchers, and dining privileges.
According to Nilson, Singapore’s issuers generated $10.76 billion from 5.6 million cards in 2023.
Leading issuers are DBS, UOB, and OCBC Bank. Table 4 illustrates the card brands accepted by the leading issuers in Singapore as of 2024.
Outlook – By mid-2024, card issuers in Singapore face the following notable challenges:
- Competition from digital payments
- Disruption from Fintechs & Digital-only banks – BNPL, multi-currency virtual cards, co-branded digital products
- Evolving consumer expectations to more personalised, seamless, and digital-first experiences
- Data Analytics and Personalisation
- Enhanced security measures are being implemented, including biometric authentication, digital token verification for mobile wallets, and compliance with MAS regulations on customer protection and anti-fraud
| 4 - Leading Card Issuers in Singapore | ||
|---|---|---|
| Domestic Issuers | Issued Card Brands | Owned by |
| DBS | Mastercard, VISA, AMEX | Citibank Nominees Singapore: 19.60%, Maju Holdings: 17.07%, Others: 63.33% |
| UOB | Mastercard, VISA, AMEX | Citibank Nominees Singapore: 19.33%, DBSN: 10.17%, Others: 70.5% |
| OCBC | Mastercard, VISA, AMEX | Citibank Nominees Singapore: 16.76%, Selat: 10.40%, Others: 72.84% |
| Source: Nilson report, PCM research | ||
Acquiring and Acceptance in Singapore
Singapore’s acquiring and acceptance landscape is sophisticated and highly competitive, characterized by a blend of traditional bank-led acquirers and innovative non-bank Payment Service Providers (PSPs). These entities enable merchants to accept a wide array of payment methods across various channels, catering to the nation’s digitally advanced economy. The market is highly competitive, with a strong focus on innovation, security, and seamless multi-channel payment acceptance.
The leading acquiring institutions in Singapore include WorldPay and Fiserv, as well as major banks – DBS, OCBC, and UOB
These players enable merchants to accept a broad range of payment instruments such as:
- Card payments (Visa, Mastercard, AMEX, JCB, UnionPay, and NETS)
- Real-time payment via PayNow and FAST
- QR-based payments (SGQR, Grabpay, PaynOW QR, NETS QR)
- Digital wallets (GrabPay, DBS PayLah!, Singtel Dash, Apple Pay, Google Pay, Samsung Pay)
- Buy Now Pay Later (BNPL) options (Atome, ShopBack Pay Later, Grab PayLater)
- Real-time payments via PayNow and FAST
Singapore’s acquiring market is marked by high POS terminal penetration, advanced fraud management, and strong regulatory oversight by MAS. The market is seeing rapid adoption of contactless and mobile payments, with card tokenization and digital wallet provisioning now standard. Card-issuing banks are implementing enhanced security measures, including additional verification for mobile wallet provisioning and proactive fraud monitoring, with major upgrades expected by July 2025.
Table 5 illustrates the card brands accepted by the leading domestic acquirers as of 2024.
| 5 - Leading Acquirers in Singapore | ||
|---|---|---|
| Domestic Acquirers | Acceptance Brands offered | Owned by |
| Worldpay | Mastercard, VISA, AMEX | Worldpay, Inc |
| Fiserv (FDMS) | Mastercard, VISA, AMEX, JCB, UnionPay | Fiserv, Inc |
| DBS | Mastercard, VISA, JCB, UnionPay | Citibank Nominees Singapore: 19.60%, Maju Holdings: 17.07%, Others: 63.33% |
| OCBC | Mastercard, VISA, AMEX, JCB, UnionPay | Citibank Nominees Singapore: 16.76%, Selat: 10.40%, Others: 72.84% |
| UOB | Mastercard, VISA, AMEX, JCB, UnionPay | Citibank Nominees Singapore: 19.33%, DBSN: 10.17%, Others: 70.5% |
| Source: Nilson report, PCM research | ||
Outlook – By mid-2024, acquirers in Singapore face the following notable challenges:
- Intense competition between traditional banks, international giants, and agile fintechs vying for merchant business.
- Navigating the dynamic regulatory landscape set by the Monetary Authority of Singapore
- Evolving Consumer Preferences – shift towards digital wallets and real-time payments
- Expanding acceptance among micro and small merchants
ATM Terminal Infrastructure
In Singapore, ATMs are primarily owned, operated, and managed directly by major local and international banks with each bank managing its own network of terminals. The ATM infrastructure is highly integrated, with widespread interoperability allowing customers of participating banks to access their accounts and perform transactions at any ATM within the shared ATM network known as ATM5. ATM deployment, maintenance, and cash management are typically handled directly by the banks or through specialized vendors contracted for technical support and operational services.
Singapore underwent a migration to EMV (chip and PIN) standards for ATM terminals and this migration process began in the early 2000s and was largely completed around 2014. ATM usage fees and transaction structures are set by individual banks and are subject to market competition rather than direct regulatory caps. Most banks in Singapore offer free ATM withdrawals at their own machines, while a nominal fee, typically S$0.30 to S$0.60 per transaction, may apply when using ATMs outside the customer’s home bank network. Fee structures are transparently displayed at the ATM before the transaction is completed and reviewed periodically by banks to reflect operational costs and customer needs.
In 2023, there were 2,485 ATMs, down by 1.93% from 2022. There were 171.2 million cash withdrawals (-1.24%) with a total value of SGD 59.1 billion (+5.07%) showing continued decline in withdrawal volumes from the COVID-19 pandemic. There were 5,740.4 cash withdrawals per ATM per month, and the ATV per ATM cash withdrawal amounted to SGD 345.35, equivalent to $257.15.
| 6 - ATMs and Cash Withdrawals in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| ATM Terminals with cash function | 3,195 | 2,939 | 2,693 | 2,595 | 2,534 | 2,485 | 2,437 | -1.93% | -22.22% | -4.90% |
| Ø Number of TXs per ATM per month | 5,560.0 | 5,820.9 | 5,331.4 | 5,455.6 | 5,699.9 | 5,740.4 | 5,781.3 | 0.71% | 3.25% | 0.64% |
| Number of ATM cash withdrawals (m) | 213.2 | 205.3 | 172.3 | 169.9 | 173.3 | 171.2 | 169.1 | -1.24% | -19.70% | -4.29% |
| - withdrawals on Singaporean cards (m) | 213.2 | 205.3 | 172.3 | 169.9 | 173.3 | 171.2 | 169.1 | -1.24% | -19.70% | -4.29% |
| - withdrawals on foreign cards (m) | ||||||||||
| Value of ATM cash withdrawals (SGD bn) | 63.8 | 61.1 | 48.8 | 48.2 | 56.3 | 59.1 | 57.6 | 5.07% | -7.39% | -1.52% |
| - withdrawals on Singaporean cards (SGD bn) | 63.8 | 29,235.4 | 48.8 | 48.2 | 56.3 | 59.1 | 57.6 | 5.07% | -7.39% | -1.52% |
| - withdrawals on foreign cards (SGD bn) | ||||||||||
| ATV per ATM withdrawal (SGD) | 299.46 | 297.41 | 283.47 | 283.92 | 324.62 | 345.35 | 355.34 | 6.39% | 15.32% | 2.89% |
| # ATM Terminals per 1m capita - Singapore | 566.6 | 515.3 | 473.6 | 475.8 | 449.5 | 419.9 | 411.8 | -6.58% | -25.89% | -5.82% |
| Source: BIS, MAS | ||||||||||
Most of the top banks did not disclose the specific number of ATMs in their network as of 2023. However, DBS is believed to operate the largest ATM network in Singapore.
POS Terminal Infrastructure
Singapore’s Point-of-Sale (POS) terminal ecosystem is well-established and technologically advanced infrastructure supported by a robust network of banks, payment service providers, and third-party vendors that supply both hardware and software solutions to merchants across sectors. Merchants acquire POS terminals primarily through their acquiring banks or through independent service providers and payment aggregators, who offer a range of acquisition models available, including outright purchase and rental agreements. The hardware and software for these terminals are supplied by a mix of international and regional vendors, ensuring a diverse range of solutions catering to different merchant needs and scales of operation.
Singapore has successfully completed its transition to EMV-compliant POS terminals. This migration, driven by industry best practices and a focus on payment security, ensures that card transactions at physical retail locations are processed using chip and PIN technology, significantly reducing the risk of counterfeit card fraud.
Contactless payment technology is now ubiquitous in Singapore’s POS landscape, with majority of terminals supporting NFC-enabled tap-and-go payments via contactless cards, smartphones, and wearables. This widespread adoption has been fueled by consumer demand for speed and convenience, strong support from banks and payment networks, and the city-state’s commitment to digital transformation. Mobile POS (mPOS) and portable terminal solutions are increasingly popular, particularly among small businesses, pop-up retailers, and merchants operating in dynamic environments. Singapore’s POS ecosystem is further enhanced by the integration of QR code payment acceptance, including PayNow, NETS QR, and major e-wallets, providing merchants and consumers with a wide array of secure and seamless payment options.
According to BIS, in 2023, there were 337,845 POS terminals, a growth of 8.10% from 2022. There were 1.33 billion POS payments (+26.57%) with a total value of SGR 80.27 billion (+10.69% vs 2022). There were 329 payments per POS terminal per month, and the ATV per POS payment accounted for SGD 60.17 ($44.80).
| 7 - POS Terminals in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| POS terminals | 271,661 | 275,014 | 320,011 | 330,015 | 312,529 | 337,845 | 365,212 | 8.10% | 24.36% | 4.46% |
| Ø Number of TXs per POS per month | 213.8 | 243.6 | 197.1 | 225.0 | 281.0 | 329.0 | 385.3 | 17.08% | 53.90% | 9.01% |
| Number of POS payments (m) | 697.00 | 804.00 | 757.00 | 891.00 | 1,054.00 | 1,334.00 | 1,688.38 | 26.57% | 91.39% | 13.86% |
| Value of POS payments (SGD bn) | 69.46 | 68.86 | 55.38 | 60.75 | 72.51 | 80.27 | 88.85 | 10.69% | 15.57% | 2.94% |
| ATV per POS payment (SGD) | 99.65 | 85.64 | 73.16 | 68.18 | 68.80 | 60.17 | 52.62 | -12.54% | -39.62% | -9.60% |
| # POS Terminals per 1m capita - Singapore | 48,178.2 | 48,217.9 | 56,282.4 | 60,513.6 | 55,442.2 | 57,091.1 | 61,715.7 | 2.97% | 18.50% | 3.45% |
| Source: BIS, MAS. | ||||||||||
Mobile Payments – Overview
In 2023, 173% of Singaporeans have subscribed to a mobile phone according to the International Telecommunication Union (ITU). Many Singaporeans own more than one mobile phone and 97% own a smartphone. By 2024, an estimated 5.79 million Singaporeans had internet access, implying a 97% internet penetration. Singapore has a highly connected population with one of the highest internet penetration rates in Southeast Asia region, enabled by extensive 4G connectivity and a standalone 5G network. This is supported by a nationwide digitalisation strategy, driven by the Monetary Authority of Singapore’s (MAS) vision of an innovative and connected society.
Singapore has witnessed sustained growth in mobile-based financial activity, underpinned by several key enablers: a robust regulatory framework, secure digital identity infrastructure (Singpass), and progressive initiatives by the Monetary Authority of Singapore (MAS), such as the Singapore Financial Data Exchange (SGFinDex) and PayNow. These initiatives promote interoperability, data portability, and seamless digital banking services.
Singapore’s real-time payments landscape, led by PayNow and FAST (Fast and Secure Transfers), have achieved broad consumer and SME adoption by enabling instant, 24/7 bank transfers using just mobile numbers, National Registration Identity Card (NRICs), or business identifiers. As of 2024, PayNow is integrated with all major retail banks, digital banks, and a growing number of non-bank financial institutions, further reinforcing Singapore’s shift away from cash and cheques.
According to WorldPay, cards (credit, debit, and prepaid) accounted for 49% of e-commerce payments in 2024 and Worldpay expects that cards will gradually cede share to A2A and digital wallets in the years leading to 2030. When shopping in store, WoeldPay reported that survey respondents cited use of DBS PayLah! (25%), Apple Pay (22%), GrabPay (12%) and Google Wallet (12%); when shopping online, survey respondents cited Apple Pay (24%), PayPal (20%), ShopeePay (18%) and GrabPay (18%).
| 8 - Internet Use in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Household with internet access | 97.7% | 98.4% | 98.4% | 99.3% | 98.7% | 98.5% | 98.6% | -0.22% | 0.74% | 0.15% |
| Individuals who own a mobile telephone (%) | 94.7% | 95.2% | 96.4% | 98.5% | 98.8% | 98.2% | 98.9% | -0.61% | 3.70% | 0.73% |
| Internet users who bought online | 57.5% | 63.4% | 67.3% | 71.8% | 63.0% | 62.7% | 63.8% | -0.46% | 9.11% | 1.76% |
| Internet users who conduct online banking and financial transactions | 69.3% | 70.8% | 71.6% | 83.7% | 81.3% | 79.4% | 81.6% | -2.35% | 14.63% | 2.77% |
| Mobile subscribers per 100 inhabitants | 147.4% | 154.0% | 142.9% | 147.5% | 156.5% | 173.0% | 178.6% | 10.56% | 17.40% | 3.26% |
| E-commerce revenue (SGD bn) | 246.3 | 266.6 | 268.5 | 365.3 | 401.1 | 426.1 | 475.50 | 6.24% | 72.99% | 11.58% |
| Annual e-commerce revenue growth rate/year | 2923535.5% | 0.7% | 36.1% | 9.8% | 6.2% | 11.6% | − | − | − | |
| Ø E-commerce amount per capita | $43,687.21 | $46,734.60 | $47,214.76 | $66,986.26 | $71,156.19 | $72,010.92 | $80,352.91 | 1.20% | 64.83% | 10.51% |
| Ø E-commerce amount per online buyer | $75,990.97 | $73,760.41 | $70,134.82 | $93,321.62 | $112,910.49 | $114,795.03 | $125,877.97 | 1.67% | 51.06% | 8.60% |
| Source: ITU, Statistics Singapore. | ||||||||||
Singapore’s mobile payment landscape is characterized by key initiatives and solutions including:
- PayNow – real-time payment rail, facilitating A2A payments
- Mobile wallets (E-wallets) with major players including GrabPay, FavePay, Singtel Dash, ShopeePay
- SGQR – the unified National QR code framework
- Digital identity integration for authentication and authorisation via Singpass
- Mobile banking applications of Banks in Singapore, integrating PayNow and other payment functionalities
- Card-based mobile payments – Contactless card tokenization for tap-to-pay via NFC-enabled phones through Apple pay, Google Wallet, Samsung Wallet, and Garmin Pay
Instant Payments
Singapore possesses a highly efficient and mature instant payment ecosystem, characterized by robust digital infrastructure, strong regulatory backing, deep integration across financial institutions and digital platforms, and widespread adoption by both consumers and businesses. Instant payments in Singapore facilitate near real-time fund transfers between individuals and entities, operating 24/7, 365 a year to provide exceptional convenience and speed.
Instant payments in Singapore are primarily facilitated through two national payment systems: Fast and Secure Transfers (FAST) and PayNow. These systems operate 24/7, 365 days a year, providing seamless, secure, and immediate movement of funds across participating banks and non-bank financial institutions.
FAST is a real-time interbank funds transfer system, launched in 2014, that allows users to send and receive Singapore Dollars (SGD) across banks and financial institutions within seconds. The FAST system supports personal and business account transfer, scheduled payment and standing instructions, as well as mobile and internet banking platforms. In 2023, the FAST system processed a total of 178 million transactions worth SGD 227.2 billion, according to data from the MAS. As of 2024, FAST is integrated with 37 financial institutions (30 banks and 7 non-bank financial institutions).
PayNow was introduced in 2017 and built on the FAST infrastructure, and it allows real-time transfers using a mobile number or national ID. PayNow is integrated into the digital banking platforms of 21 banks and 6 non-bank financial institutions and is used by over 80% of residents and businesses in Singapore. PayNow has also been extended beyond retail customers to corporates, businesses, Singapore Government agencies, associations and societies through PayNow Corporate of participating banks / non-bank financial insitutions (NFI). In February 2023, the Pay-Now UPI linkage was launched to connect Singapore’s PayNow and India’s Unified Payments Interface (UPI), allowing users to transfer funds using just their mobile numbers, UPI IDs, or Virtual Payment Addresses (VPAs). The linkage facilitates real-time, 24/7 cross-border transactions, enhancing convenience for individuals and businesses.
Central Bank Digital Currencies, Cryptocurrency Products
In 2023, Singapore’s payment ecosystem was characterized by a mature digital infrastructure, a continued decline in cash usage, strong regulatory oversight of emerging financial technologies, and progressive exploration of Central Bank Digital Currency (CBDC) by the MAS.
Central Bank Digital Currencies (CBDC) – The Digital Cash Challenge
Central bank digital currency (CBDC), also called digital fiat currency or digital base money, is a digital currency issued by a national central bank (NCB), rather than by a commercial bank. It is also a liability of the NCB and denominated in the sovereign currency, as is the case with physical banknotes and coins.
All CBDCs are under the authority of the respective national central bank, and they are part of the domestic cash payment ecosystem. Rather than a new currency, CBDC is a form of central bank electronic money that could be used by households and businesses to make payments. In addition, most CBDC implementations will likely not use or need any sort of distributed ledger such as a blockchain.
Unlike “retail CBDC,” which is generally designed as a central bank liability universally accessible to individuals and businesses within a jurisdiction’s financial system, “wholesale CBDC” refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to certain financial institutions.
National Central Banks (NCBs) have been providing trusted money to the public for hundreds of years as part of their public policy objectives. Trusted money is a public good. It offers a common unit of account, store of value and medium of exchange for the sale of goods and services and settlement of financial transactions. Providing cash for public use is an important tool for central banks. Yet the world is changing.
Even before COVID-19, cash use for payments was declining fast and convenient digital payments have grown enormously in volume and diversity. To evolve and pursue their public policy objectives in a digital world, central banks are actively researching the pros and cons of offering a digital currency to the public, a “general purpose” CBDC.
Central banks’ interest in CBDC has increased as a potential means of delivering their public policy objectives. Profound, ongoing changes across finance, technology and society, as well as the recent COVID-19 crisis, provided additional impetus for the research of, and experimentation related to, CBDCs.
CBDC is a national digital currency issued by the central bank that is expected to replace or coexist with fiat money and hold the same value. Mobile money, on the other hand, utilises existing commercial banking-based accounting to manage customer wallet balances based on an exchange with cash or lines of credit and loans.
CBDC is a direct liability on the central bank as it is the main issuer of the currency, whereas digital money is the liability of commercial banks and other authorised financial institutions using funds on account. Although some implementation approaches propose that CBDC can be implemented in either an indirect or hybrid form, its liability remains on the respective national central bank.
Background on CBDC Evolution
In October 2020, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the Bank for International Settlements (BIS) published a report, Central bank digital currencies: foundational principles and core features, identifying the foundational principles necessary for any publicly available CBDC to help central banks meet their public policy objectives.
The report focused on a publicly available “general purpose” CBDC (a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank).
A “wholesale” CBDC, restricted to financial institutions, is also an active area of exploration, notes the report, for central banks but one that carries different opportunities, challenges, and risks. The report explored the use cases for, and challenges and opportunities arising from, the possible issuance of a general purpose CBDC.
In September 2021, the same seven central banks and the BIS followed up with the publication of a new set of reports exploring the potential of retail CBDCs, including policy options and practical implementation issues. While none of the central banks has yet decided to proceed with a retail CBDC, they recognise such an instrument would have wide-ranging implications. Delivering on the future needs of consumers would require systems that encourage innovation, choice and competition among a diverse mix of intermediaries.
- The first report explores how private-public collaboration and interoperability can be designed into CBDC systems to achieve this objective. In particular, policies about privacy and access to payment data would be key design elements in order to maintain public trust.
- The second report focuses on how a CBDC could best serve people and businesses in a fast-changing technological landscape. Lessons from previous payment innovations compiled in the report, show that success often requires harnessing network effects and not requiring users to obtain new devices. Nonetheless, there would not be a “one-size-fits-all” solution and CBDC adoption strategies would need to consider multiple perspectives through public consultations.
- The third report outlines the possible impact of CBDC issuance on banking systems, in terms of intermediation capacity and overall resilience. Preliminary analysis highlights the importance of allowing the financial system time to adjust and the flexibility to use safeguards to influence CBDC adoption.
BIS reported that a 2021 survey of central banks found that “86% are actively researching the potential for CBDCs, 60% were experimenting with the technology and 14% were deploying pilot projects.
The People’s Bank of China (PBoC) is piloting a ‘digital yuan’, known as e-CNY, in various cities, often in association with major sporting events, such as the Winter Olympics.
The ECB published a paper on the potential of a “digital euro” in October 2020, exploring the “benefits and risks” of such an initiative. It completed a public consultation in January 2021 and a series of focus groups in December 2021. Its investigation stage is expected to continue until October 2023, after which the ECB “will decide whether to start developing a digital euro.”
The US Federal Reserve reported in February 2022 that while it has made no decisions about “whether to pursue or implement” a CBDC, it was “exploring the potential benefits and risks of CBDCs from a variety of angles and was inviting public feedback on discussion papers.
The Bank of Japan said in October 2020 that it had no plans for a CBDC and was committed to maintain the cash system as long as there was public demand for it. It nevertheless intended to explore technical feasibility through a proof of concept, consider institutional arrangements and coordinate approaches with domestic and international stakeholders. In 2023, the Bank of Japan (BOJ) has announced that it will begin a pilot for its digital yen with commercial financial institutions. In February 2023, Bank of Japan has embarked on a CBDC trial.
While CBDCs are still in experimental phases across major economies, 2024 has seen increased momentum towards real-world implementation, with several countries, notably China and the ECB, moving closer to full-scale rollouts. Public-private collaboration, technological innovation, and privacy concerns remain central to future CBDC development. Central banks worldwide continue to balance innovation with maintaining public trust and financial stability in this rapidly evolving space.
Global Status of CBDCs
Most National Central Banks (NCBs) are involved in different stages of a CDBC project. Especially, the NCBs have different views on which kind of CDBC they would intend to launch as a digital currency:
- A “retail-CBDC” designed as an NCB liability universally accessible to individuals and businesses within a jurisdiction’s financial system.
- A “wholesale-CBDC” that refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to participating financial institutions.
- Both a “retail-CDBC” and a “wholesale-CDBC”.
As of 2023, the global CDBC status reveals that four central banks – Nigeria (e-Naira), Eastern Caribbean (D-Cash), Jamaica (JAM-DEX), and the Bahamas (Sand Dollar) – have introduced a domestic CBDC scheme.
Six countries have launched a CDBC pilot: France, Canada, China, India, Saudi Arabia, and Ghana.
The NCBs of most other countries are involved in either a CDBC proof-of-concept phase – including Norway, Hungary, and Sweden – or they are still in a CDBC research stage.
So far, Ecuador is the only country that has cancelled its CBDC ambitions, Dinero electronico.
CBDC and Singapore
Singapore has been a global frontrunner in wholesale CBDC innovation through its ‘Project Ubin’ series, a 5-phase project which began in 2016 and concluded in 2020 involving collaborations with major financial institutions, technology partners, and global consultancies. The project tested the use of distributed ledger technology (DLT) for interbank settlements, cross-border payments, and tokenised securities transactions. This project successfully demonstrated that blockchain-based systems could be used for multi-currency payments and cross-border transactions, laying the groundwork for further CBDC exploration.
On the retail front, MAS has launched Project Orchid, which examines the technical and policy considerations of a digital Singapore dollar for everyday consumer and business use. The project includes industry trials with financial institutions and technology providers to assess the potential benefits and risks of a retail CBDC, such as programmable payments, financial inclusion, and privacy safeguards.
While no retail CBDC has been rolled out to the public as the wholesale CBDC remains the immediate focus, MAS maintains a measured approach, emphasizing the importance of robust technology, user experience, and risk management before any potential launch. The authority continues to consult with stakeholders and monitor international developments to ensure that any future digital Singapore dollar would support innovation, enhance payment resilience, and maintain financial stability.
Pros and Cons of CBDCs
According to research by the Bank of England, BIS, and by several other central banks, the benefits of CBDCs include supporting increased innovation in the payment system with:
- ‘Programmable money’ that enables transactions to occur according to certain conditions, rules or events
- Automatic payment of taxes at the POS
- Allowing the government to make direct transfers to individuals
- Automatic payment of dividends directly to shareholders
- Electricity meters paying suppliers directly based on power usage
- Making ‘micropayments’ at much lower costs
- A more reliable and attractive alternative to stablecoins (see Stablecoins section below)
- A well-designed CBDC could help to retain some of the beneficial characteristics of cash that current electronic bank deposits don’t. A CBDC might focus more on promoting privacy or support financial inclusion
- CBDCs could facilitate better cross-border payments systems by linking CBDCs to speed up cross-border payments
- More effective transmission of monetary policy
- Changes in base rates could be passed onto consumers more quickly and efficiently.
Possible challenges related to use of CBDCs could include:
- Disintermediation and reducing the banking sector’s balance sheet – When someone converts bank deposits to CBDC, they reduce the size of the commercial bank’s overall holdings. This process of disintermediation is an inevitable consequence of introducing a CBDC. If banks’ balance sheets were to reduce too much and too quickly, they might need to seek funding from elsewhere. This could push up the cost of their lending to businesses and consumers.
- Risk of bank runs – introducing a CBDC could potentially make it easier for runs on the banking system to occur. At the moment, such factors as the difficulty of storing large amounts of cash limit such risks. A CBDC would remove many of those limits.
- Offline usage – the CBDC payment system would probably require a connection to the central ledger, which may not always be available. While it might still be possible to initiate a payment, the recipient would have to trust the sender to have sufficient funds. There is also a risk of someone attempting to spend the same money twice.
- Cyber-attack – BIS warns that a successful attack on a CBDC system could quickly threaten many users, as well as their faith in the system. This is because there would be so many ‘endpoints’ in a linked, centralised system. This would make a CBDC system a critical piece of national infrastructure.
- Data privacy – Fully anonymous CBDC are unlikely to be permitted due to the need to comply with know-your-customer and anti-money laundering checks. A CBDC would inevitably allow more tracking and less anonymity than cash does. BIS suggests that “a key national policy question will be deciding who can access which parts of [this data] and under what circumstances”.
Unregulated Cryptocurrency Products – Background
Regulators and national central banks are challenged by unregulated independent cryptocurrency products. Whereas CBDCs are under the authority of the central bank, almost all cryptocurrencies are decentralised, and not controlled or managed by any central authority.
Obviously, financial market authorities and the national central banks are not in favour of unregulated cryptocurrency products, and they see them as a systematic risk for the financial system. Their intention to regulate the respective cryptocurrency exchange platforms has gained momentum.
Cryptocurrencies, originally designed as a store of value, are digital assets, developed and maintained on decentralised blockchains, and they can be used as a medium of exchange or payment method. Bitcoin and Ethereum are the most popular forms of cryptocurrencies worldwide used by consumers and businesses for transactions.
As of 2022, over 400 million people worldwide used cryptocurrencies, with merchants and businesses in more sectors accepting it as a form of payment. The major payment schemes VISA and Mastercard, PayPal and along with a growing number of financial institutions, have launched services allowing consumers to purchase or use cryptocurrencies for a range of applications.
According to a 2022 Deloitte survey, around two-thirds (64%) of surveyed merchants indicated that their customers have significant interest in using digital currencies for payments, and 83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.
In addition, merchants are motivated by the prospect of enabling immediate access to funds (40% of respondents), taking advantage of blockchain-based innovations in decentralised digital finance (39%), and allowing in-house management of the revenue cycle/treasury/finance department (39%).
Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.
A 2022 survey from Checkout.com found a sharp rise in people wanting to use cryptocurrencies as a means of payment, with 40% of 18-35-year-old consumers citing their desire to experiment with using crypto as a payment method, up from less than 30% in 2021. Meanwhile, over 80% of businesses say offering crypto has attracted new customers, led to a decrease in chargebacks, while just over 60% have seen higher authorisation rates accepting crypto payments.
A recent report by Triple-A put cryptocurrency ownership in Europe at around 49 million people.
Stablecoins
Stablecoins are a type of asset-backed cryptocurrency, whose value is typically pegged to the value of an underlying asset such as USD, GBP, or commodities like gold. Stablecoins are partially backed by real assets, and they are designed to have a value pegged to real-world assets, therefore avoiding the extreme volatility that affects cryptocurrencies.
Stablecoins offer the potential benefits of cryptocurrencies, like transparency, security, immutability, and decentralised control, while maintaining the guarantees and stability that come with using fiat currency. Stablecoins have potential to be used in cross-border payments, providing a secure, online environment for peer-to-peer (P2P) transactions to take place without needing decentralised cryptocurrencies or to pay fees to convert money into local currencies.
As of 2024, there were more than 200 stablecoins globally, comprising a market that’s worth approximately $174 billion.
A survey of central banks in January 2021 found that two-thirds of respondents are actively researching the potential impact of stablecoins on financial stability. However, some regulators in the US and China, consider stablecoins as a potential serious risk to financial systems. The risk is especially high with centralised coins, such as those backed by fiat and issued by private organisations, as economic power would be disproportionately concentrated on a single entity.
The widespread use of stablecoins in payment platforms could also pose a systemic risk, in relation to the validation and confirmation of stablecoin transactions which could interfere with payment systems. If stablecoin users couldn’t access money in their e-wallets and businesses couldn’t receive payments, economic activity would be greatly disrupted. However, these risks have not deterred major institutions like JP Morgan and VISA to explore stablecoin use cases via partnerships and internal R&D.
Tether As of 2024, Tether remains the largest stablecoin globally, holding a market share of over 50%. This dominance is driven by its widespread usage and liquidity in crypto markets. Its nearest competitors include USD Coin (USDC), Binance USD (BUSD), and decentralized stablecoins like DAI, although Tether’s market share far exceeds them. Recent reports have shown Tether’s involvement in major financial markets and even Bitcoin mining, further reinforcing its stronghold on the crypto landscape.
Regarding Facebook’s Diem (formerly Libra) project, it was officially abandoned. Diem’s assets were sold off to Silvergate Capital in early 2022, marking the end of the initiative that once aimed to create a globally accessible digital currency. Regulatory pressures and internal challenges led to the dissolution of the project.
Market Size and Dynamics
Cards in Issue
Based on BIS figures, there were 26.17 million bank cards in Singapore by end-2023, up by 7.30% from 2022. Credit cards amounted to 52.26% of the card base while debit cards accounted for 47.74%. In total, there were 4.42 cards per capita at end 2023. According to WorldPay, credit cards were the leading overall payment method in Singapore as of 2024.
In total, there were 13.67 million (+5.33%) credit cards in circulation in 2023, and debit cards totalled 12.49 million (+9.55%).
| 9 - Cards Issued in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (000s) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y |
| Cards with ATM (cash) function | 9,479.22 | 9,534.64 | 10,056.13 | 10,413.64 | 11,404.93 | 12,494.07 | 13,448.6 | 9.55% | 31.80% | 5.68% |
| Cards with a payment function | 18,506.53 | 18,147.15 | 26,339.44 | 24,656.47 | 24,391.14 | 26,172.63 | 27,958.5 | 7.30% | 41.42% | 7.18% |
| - Cards with a debit function | 9,479.22 | 9,534.64 | 10,056.13 | 10,413.64 | 11,404.93 | 12,494.07 | 13,687.2 | 9.55% | 31.80% | 5.68% |
| - Cards with a delayed debit function | - | - | - | - | - | - | ||||
| - Cards with a credit function | 9,027.31 | 8,612.51 | 16,283.31 | 14,242.83 | 12,986.21 | 13,678.57 | 14,271.3 | 5.33% | 51.52% | 8.67% |
| Cards total | 18,506.53 | 18,147.15 | 26,339.44 | 24,656.47 | 24,391.14 | 26,172.63 | 27,958.5 | 7.30% | 41.42% | 7.18% |
| - Cards with e-money function | 47,145.52 | 29,235.36 | - | - | - | - | 13,687.2 | NA | NA | NA |
| - thereof contactless cards | 0.0 | |||||||||
| Payment cards per capita | 11.64 | 12.32 | 4.63 | 4.52 | 4.33 | 4.42 | 4.72 | 2.22% | -62.01% | -17.60% |
| Note: there are a few payment cards without cash function. | ||||||||||
| Source: BIS. | ||||||||||
Card Fraud
Singapore’s highly digital and cash-lite payment environment is supported by strong regulatory oversight and technological innovation. However, the increasing frequency of digital transactions, e-commerce growth, and mobile wallet usage has also led to persistent vulnerabilities, particularly in card-not-present (CNP) environments.
In 2024, the Monetary Authority of Singapore (MAS) and the Singapore Police Force (SPF) reported continued concern over fraud cases involving credit and debit card transactions, especially those occurring online. Most of these incidents involved phishing, social engineering scams, and unauthorized usage of card credentials, often facilitated by malicious links, fake websites, or compromised merchant platforms.
The SPF reported that from 1 Oct to 31 Dec 2024, at least 656 reports where phished card credentials were provisioned to mobile wallets were lodged, with losses amounting to at least $1.2 million. Of these cases, at least 502 reports involved cards linked to Apple Pay. The SPF, Cyber Security Agency of Singapore (CSA), and MAS have been working with the banks, mobile wallet providers such as Apple, and card service providers to impose measures to arrest this trend.
In July 2024, the Monetary Authority of Singapore partnered with the Association of Banks in Singapore (ABS) on a plan to phase out one-time passwords for account logins by customers who use digital tokens, enhancing protection against phishing attacks. Industry stakeholders have also implemented a comprehensive suite of security measures to combat card fraud. Card scheme operators like Visa and Mastercard have mandated the use of the 3-D Secure (3DS) protocol for online transactions, requiring separate authentication by cardholders and preventing transactions from proceeding with only static card details. Banks have introduced real-time transaction monitoring, instant notifications, and consumer education initiatives to enhance awareness and response to potential fraud.
Card Use
Payment cards anchor Singapore’s payment landscape according to WorldPay’s Global Payments report. Credit, debit and prepaid cards combined to account for 49% of e-commerce and 51% of POS transaction value in 2024. Worldpay forecasts that cards will gradually cede share to A2A and digital wallets through the forecast period to 2030, though a strong majority of digital wallet spend is payment card based.
The use of cards in the country has shown remarkable growth. Debit card payments have shown a compound annual growth rate of 16.06% between 2019 and 2023, and they accounted for 52.56% of card payments by number and 34.42% by value in 2023. Credit card payments grew by 13.54% in the same period and accounted for 47.44% of card payments by number and 65.58% by value in 2023.
In 2023, Singaporean cards accounted for 1.98 billion payments (+21.66%) with a total value of SGD 141.88 billion, up by 13.32% from 2022. The ATV per card payment was SGD 71.57 ($53.29), and there was an average of 75.7 payments per card per year.
| 10 - Payments with Singaporean Cards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Cards with a payment function | 18,507 | 18,147 | 26,339 | 24,656 | 24,391 | 26,173 | 27,959 | 7.30% | 41.42% | 7.18% |
| Ø payments per card per year | 53.7 | 64.5 | 46.0 | 59.3 | 66.8 | 75.7 | 81.4 | 13.38% | 41.15% | 7.14% |
| Ø payment value per card per year | $5,292 | $5,641 | $3,477 | $4,202 | $5,133 | $5,421 | €5,490.3 | 5.61% | 2.44% | 0.48% |
| Payments (m) | 993.1 | 1,169.9 | 1,212.9 | 1,463.0 | 1,629.6 | 1,982.5 | 2,277.2 | 21.66% | 99.62% | 14.83% |
| - thereof remote payments - CNP (m) | 297.0 | 365.0 | 457.0 | 571.00 | 574.0 | 649.0 | 733.8 | 13.07% | 118.52% | 16.92% |
| - with debit cards (m) | 494.7 | 575.8 | 613.3 | 769.5 | 867.8 | 1,041.9 | 1,209.3 | 20.06% | 110.62% | 16.06% |
| - with credit cards (m) | 498.4 | 29,235.4 | 599.6 | 693.4 | 761.7 | 940.6 | 1,067.9 | 23.48% | 88.70% | 13.54% |
| Value of payments (SGD bn) | 97.94 | 102.37 | 91.59 | 103.60 | 125.20 | 141.88 | 153.50 | 13.32% | 44.87% | 7.70% |
| - thereof remote payments (SGD bn) | 28.48 | 33.51 | 36.21 | 42.47 | 52.24 | 61.61 | 71.90 | 17.95% | 116.33% | 16.69% |
| - with debit cards (SGD bn) | 35.66 | 35.35 | 34.85 | 39.25 | 46.45 | 48.83 | 52.00 | 5.12% | 36.94% | 6.49% |
| - with credit cards (SGD bn) | 62.28 | 67.02 | 56.75 | 64.36 | 78.75 | 93.05 | 101.50 | 18.16% | 49.41% | 8.36% |
| ATV per card payment | $98.61 | $981,144.57 | $75.52 | $70.82 | $76.83 | $71.57 | €67.41 | -6.85% | -27.43% | -6.21% |
| Source: BIS, MAS | ||||||||||
Card Use Per Capita
Singapore boasts one of the highest rates of card ownership and usage in Southeast Asia, significantly outpacing many of its regional peers. In 2023, there were 176.1 debit card payments per capita (+14.36%) while credit card use was 158.9 payments per capita (+17.62%). In total, there were 335.0 payments per capita.
| 11 - Card Payments Per Capita in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Debit card payments | 87.73 | 100.96 | 107.86 | 141.11 | 153.95 | 176.06 | 201.4 | 14.36% | 100.69% | 14.95% |
| Debit card value | $4,687.59 | $4,544.37 | $4,444.16 | $5,354.39 | $5,975.83 | $6,144.03 | $6,485.66 | 2.81% | 31.07% | 5.56% |
| Credit card payments | 88.4 | 104.2 | 105.4 | 127.1 | 135.1 | 158.9 | 130.9 | 17.62% | 79.81% | 12.45% |
| Credit card value | $8,187.65 | $8,614.23 | $7,237.46 | $8,780.69 | $10,130.91 | $11,708.57 | $12,576.88 | 15.57% | 43.00% | 7.42% |
| Total card payments | 176.1 | 205.1 | 213.3 | 268.3 | 289.1 | 335.0 | 332.3 | 15.89% | 90.21% | 13.72% |
| Total card value | $12,875.23 | $13,158.60 | $11,681.61 | $14,135.08 | $16,106.73 | $17,852.60 | $19,062.53 | 10.84% | 38.66% | 6.76% |
| Source: calculated using BIS data, population figures and exchange rates. | ||||||||||
Debit Card Use
In 2023, there were 1.04 billion debit card payments (+20.06%) with a total value of SGD 48.8 billion (+5.12% vs 2022). The ATV per debit card payment accounted for SGD 46.87 ($34.90), and there were 83.4 payments per debit card per year.
| 12 - Payments with Singaporean Debit Cards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Debit Cards | 9,479 | 9,535 | 10,056 | 10,414 | 11,405 | 12,494 | 13,687 | 9.55% | 31.80% | 5.68% |
| Ø payments per debit card per year | 52.2 | 60.4 | 61.0 | 73.9 | 76.1 | 83.4 | 88.3 | 9.59% | 59.80% | 9.83% |
| Ø payments value (SGD) per debit card per year | 3,761.5 | 3,707.9 | 3,465.1 | 3,768.7 | 4,073.0 | 3,908.2 | 3,799.0 | -4.05% | 3.90% | 0.77% |
| Payments (m) | 494.68 | 575.83 | 613.29 | 769.54 | 867.82 | 1,041.89 | 1,209.26 | 20.06% | 110.62% | 16.06% |
| Value of payments (SGD bn) | 35.66 | 35.35 | 34.85 | 39.25 | 46.45 | 48.83 | 52.00 | 5.12% | 36.94% | 6.49% |
| ATV per debit card payment (SGD) | 72.08 | 61.40 | 56.82 | 51.00 | 53.53 | 46.87 | 43.00 | -12.45% | -34.98% | -8.25% |
| Total debit card payments per capita | 87.7 | 29,235.4 | 107.9 | 141.1 | 154.0 | 176.1 | 204.3 | 14.36% | 100.69% | 102.41% |
| Total debit card value per capita (SGD) | 6,323.6 | 6,198.5 | 6,128.5 | 7,196.3 | 8,240.7 | 8,251.4 | 8,786.9 | 0.13% | 30.49% | 41.76% |
| Source: MAS, BIS. | ||||||||||
Credit Card Use
In 2023, there were 0.94 billion credit card payments (+23.48%) with the total value SGD 93.0 billion (+18.16% from 2022). The ATV per credit card payment was SGD 98.93 ($73.66), and there were 68.8 payments per credit card per year.
| 13 - Payments with Singaporean Credit Cards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Credit Cards | 9,027 | 8,613 | 16,283 | 14,243 | 12,986 | 13,679 | 14,271 | 5.33% | 51.52% | 8.67% |
| Ø payments per credit card per year | 55.2 | 69.0 | 36.8 | 48.7 | 58.7 | 68.8 | 74.8 | 17.23% | 24.54% | 4.49% |
| Ø payments value (SGD) per credit card per year | $6,899.1 | $7,781.2 | $3,485.0 | $4,518.7 | $6,064.3 | $6,802.8 | $7,112.3 | 12.18% | -1.40% | -0.28% |
| Payments (m) | 498.44 | 594.12 | 599.56 | 693.41 | 761.75 | 940.58 | 1,067.95 | 23.48% | 88.70% | 13.54% |
| Value of payments (SGD bn) | 62.28 | 67.02 | 56.75 | 64.36 | 78.75 | 93.05 | 101.50 | 18.16% | 49.41% | 8.36% |
| ATV per credit card payment (SGD) | $124.95 | $112.80 | $94.65 | $92.81 | $103.38 | $98.93 | $95.04 | -4.31% | -20.82% | -4.56% |
| Total credit card payments per capita | 88.4 | 29,235.4 | 105.4 | 127.1 | 135.1 | 158.9 | 180.5 | 6.28% | 79.81% | 12.45% |
| Total credit card payments value per capita (SGD) | $11,045.1 | $11,749.8 | $9,980.5 | $11,801.3 | $13,970.5 | $15,724.6 | $17,152.3 | 18.38% | 42.37% | 7.32% |
| Source: MAS, BIS. | ||||||||||
E-Money
In Singapore, e-money services are regulated under the Payment Services Act (PSA) 2019, which is administered by the Monetary Authority of Singapore (MAS). The PSA consolidates and streamlines the regulation of payment systems and payment service providers, including those issuing or facilitating e-money.
E-money products offered in Singapore include:
- Mobile wallets (e-wallets) such as GrabPay, Singtel Dash, DBS PayLah!, OCBC Pay Anyone and UOB TMRW
- Prepaid cards, including NETS FlashPay, EZ-Link, and bank-issued prepaid cards
- Transit wallets and stored value cards for public transport and retail payments
- Software-based QR code and NFC-enabled e-wallets, supporting mobile and contactless payments
As of 2023, leading e-money players can be group into:
- Digital Wallets: GrabPay, Singtel Dash, DBS PayLah!, FavePay, Google Pay, Apple Pay, Samsung Wallet
- Prepaid Cards: EZ-Link
- E-wallet solutions offered by major banks – OCBC Pay Anyone, UOB TMRW
In 2023, the number of e-money cards were not reported. However, MAS reported 2.22 billion e-money payments worth SGD 2.43 trillion.
| 14 - E-Money in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| - Cards with e-money function | 47,146 | 52,129 | 0 | 0 | 0 | 0 | NA | NA | NA | NA |
| Number of E-Money Payments (m) | 3,472.9 | 3,416.2 | 2,262.6 | 2,249.6 | 2,384.6 | 2,222.8 | 2,071.9 | -6.79% | -36.00% | -8.54% |
| Value of E-Money Payments (SGD bn) | 2,937.9 | 2,994.6 | 1,900.2 | 1,835.2 | 2,180.4 | 2,430.9 | 2,710.2 | 11.49% | -17.26% | -3.72% |
| Value per Transaction (SGD) | 845.96 | 876.60 | 839.81 | 815.76 | 914.37 | 1,093.65 | 1,308.08 | 19.61% | 29.28% | 5.27% |
| Source: BIS, MAS. | ||||||||||
Leading Card Issuers
In 2023, Nilson report stated that Singapore’s issuers generated $10.76 billion from 5.6 million cards
DBS, Singapore’s biggest bank by assets was ranked as top card issuer in Singapore by Nilson report with 5.70 million general purpose cards (including 5.35 million Mastercard and Visa branded cards) in 2024.
The bank claimed enhance the customer journey in its Cards business by improving the user experience on its Card+ app. DBS also launched Vantage cards for the wealth segment in Singapore.
UOB had 3.79 million general purpose cards (including 3.54 million Mastercard and Visa branded cards) in 2024 according to Nilson report. The bank claimed top position in credit card billings in the ASEAN region for 2023 and 2024.
Data Tables
| Singapore 2025 Market Overview | |
|---|---|
| Payment Organisation | NETS (Network for Electronic Transfers) – domestic payment service provider in Singapore. NETS is owned by Singapore’s 3 largest banks – DBS, OCBC, and UOB. PayNow Singapore – a national P2P mobile fund transfer service |
| Domestic Payment Brands | NETS cards - bank cards, Prepaid cards, Motoring card, and FlashPay card – mostly for domestic use PayNow is the mobile A2A payment service in Singapore. |
| Market Structure | Card usage in Singapore is one of the highest in South Asia at 335.0 card payments per capita in 2023. |
| Notable Market Trends | Dominance of PayNow and FAST in retail and P2P transactions, Growth in digital wallets and embedded instruments, Exploration of Digital Currency, Expansion in digital credit and BNPL. |
| Major Card Issuers | DBS, UOB. |
| Major Card Acquirers | Worldpay, Fiserv (FDMS). |
| Major Card Processors | NETS (domestic), Global Brands, Leading Banks |
| Singapore Key Statistics 2023 | |
|---|---|
| Population | 5.91 million, with 4.42 bank cards per capita. |
| Cards | Debit: 12.5 million Credit: 13.6 million Total: 26.1 million |
| Card Payments | Debit: 1.04 billion; value SGD 48.83 billion ($36.3 billion) Credit: 0.94 billion; value SGD 93.05 billion ($69.3 billion) Total: 1.98 billion; value SGD 141.88 billion ($105.6 billion) |
| POS Terminals | 337,845 |
| POS Payments | All cards: 1.33 billion; value: SGD 80.27 billion ($59.8 billion) |
| ATMs | 2,485 |
| ATM Withdrawals | All cards: 171.2 million; value: SGD 59.11 billion ($44.0 billion) |
| Digital A2A Payments | Credit Transfers: 436.5 million, value: SGD 963.7 billion |
| 1 - Leading Singaporean Banks in 2023 | |||
|---|---|---|---|
| Bank | Ownership | Total Assets ($m) | Market share |
| DBS | Citibank Nominees Singapore: 19.60%, Maju Holdings: 17.07%, Others: 63.33% | 550,484.7 | 21.4% |
| Oversea-Chinese Banking Corporation (OCBC) | Citibank Nominees Singapore: 16.76%, Selat: 10.40%, Others: 72.84% | 432,929.3 | 16.8% |
| United Overseas Bank (UOB) | Citibank Nominees Singapore: 19.33%, DBSN: 10.17%, Others: 70.5% | 389,813.8 | 15.2% |
| Standard Chartered Bank Singapore | Standard Chartered Plc | 123,648.5 | 4.8% |
| HSBC Singapore | HSBC Holdings plc | 23,712.8 | 0.9% |
| Citibank Singapore | Citigroup Inc. | 39,547.6 | 1.5% |
| Maybank Singapore | Maybank | 29,235.4 | 1.1% |
| Bank of China Singapore | 0.0 | 0.0% | |
| Industrial and Commercial Bank of China (ICBC) Singapore | ICBC | 0.0 | 0.0% |
| IndusInd Bank | IndusInd Bank limited | 0.0 | 0.0% |
| Leading banks total | 1,589,372.2 | 61.8% | |
| other banks | 981,144.6 | 38.2% | |
| Total assets | 2,570,516.8 | 100.0% | |
| Source: Monetary Authority of Singapore (MAS), Bank's Annual Reports, Yearbook research. | |||
| 2 - Average Exchange Rates | ||||||
|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| 1 EUR in SGD | 1.5926 | 1.5273 | 1.5742 | 1.5891 | 1.4512 | 1.4523 |
| 1 USD in SGD | 1.3490 | 1.3640 | 1.3790 | 1.3440 | 1.3790 | 1.3430 |
| Source: ECB, BIS. | ||||||
| 3 - Cashless Payment Transactions in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (millions) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y |
| Payment cards | 4,466.0 | 4,586.1 | 3,474.5 | 3,712.6 | 4,014.2 | 4,205.2 | 4,154.9 | 4.76% | -5.84% | -1.20% |
| Cheques issued | 51.7 | 46.1 | 31.2 | 24.2 | 18.8 | 14.1 | 10.9 | -24.94% | -72.76% | -22.90% |
| Credit transfers | 109.3 | 145.5 | 198.4 | 275.3 | 345.7 | 436.5 | 575.8 | 26.26% | 299.31% | 31.91% |
| Direct debits | 59.5 | 59.8 | 56.9 | 57.9 | 60.3 | 61.5 | 61.8 | 1.87% | 3.25% | 0.64% |
| Total | 4,686.6 | 4,836.5 | 3,761.0 | 4,070.0 | 4,439.0 | 4,717.3 | 4,803.4 | 6.27% | 0.65% | 0.13% |
| Total card payments per capita | 792.0 | 804.1 | 611.1 | 680.8 | 712.1 | 710.6 | 702.1 | -0.21% | -10.28% | -2.15% |
| Total cheques issued per capita | 9.2 | 29235.4 | 5.5 | 4.4 | 3.3 | 2.4 | 1.8 | -28.50% | -74.04% | -23.64% |
| Total credit transfers per capita | 19.4 | 25.5 | 34.9 | 50.5 | 61.3 | 73.8 | 97.3 | 20.27% | 280.48% | 30.64% |
| Total direct debits per capita | 10.6 | 10.5 | 10.0 | 10.6 | 10.7 | 10.4 | 10.5 | -2.96% | -1.62% | -0.33% |
| Total cashless payments per capita | 831.2 | 848.0 | 661.5 | 746.3 | 787.5 | 797.2 | 811.7 | 1.23% | -4.09% | -0.83% |
| Source: BIS. | ||||||||||
| 4 - Leading Card Issuers in Singapore | ||
|---|---|---|
| Domestic Issuers | Issued Card Brands | Owned by |
| DBS | Mastercard, VISA, AMEX | Citibank Nominees Singapore: 19.60%, Maju Holdings: 17.07%, Others: 63.33% |
| UOB | Mastercard, VISA, AMEX | Citibank Nominees Singapore: 19.33%, DBSN: 10.17%, Others: 70.5% |
| OCBC | Mastercard, VISA, AMEX | Citibank Nominees Singapore: 16.76%, Selat: 10.40%, Others: 72.84% |
| Source: Nilson report, PCM research | ||
| 5 - Leading Acquirers in Singapore | ||
|---|---|---|
| Domestic Acquirers | Acceptance Brands offered | Owned by |
| Worldpay | Mastercard, VISA, AMEX | Worldpay, Inc |
| Fiserv (FDMS) | Mastercard, VISA, AMEX, JCB, UnionPay | Fiserv, Inc |
| DBS | Mastercard, VISA, JCB, UnionPay | Citibank Nominees Singapore: 19.60%, Maju Holdings: 17.07%, Others: 63.33% |
| OCBC | Mastercard, VISA, AMEX, JCB, UnionPay | Citibank Nominees Singapore: 16.76%, Selat: 10.40%, Others: 72.84% |
| UOB | Mastercard, VISA, AMEX, JCB, UnionPay | Citibank Nominees Singapore: 19.33%, DBSN: 10.17%, Others: 70.5% |
| Source: Nilson report, PCM research | ||
| 6 - ATMs and Cash Withdrawals in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| ATM Terminals with cash function | 3,195 | 2,939 | 2,693 | 2,595 | 2,534 | 2,485 | 2,437 | -1.93% | -22.22% | -4.90% |
| Ø Number of TXs per ATM per month | 5,560.0 | 5,820.9 | 5,331.4 | 5,455.6 | 5,699.9 | 5,740.4 | 5,781.3 | 0.71% | 3.25% | 0.64% |
| Number of ATM cash withdrawals (m) | 213.2 | 205.3 | 172.3 | 169.9 | 173.3 | 171.2 | 169.1 | -1.24% | -19.70% | -4.29% |
| - withdrawals on Singaporean cards (m) | 213.2 | 205.3 | 172.3 | 169.9 | 173.3 | 171.2 | 169.1 | -1.24% | -19.70% | -4.29% |
| - withdrawals on foreign cards (m) | ||||||||||
| Value of ATM cash withdrawals (SGD bn) | 63.8 | 61.1 | 48.8 | 48.2 | 56.3 | 59.1 | 57.6 | 5.07% | -7.39% | -1.52% |
| - withdrawals on Singaporean cards (SGD bn) | 63.8 | 29,235.4 | 48.8 | 48.2 | 56.3 | 59.1 | 57.6 | 5.07% | -7.39% | -1.52% |
| - withdrawals on foreign cards (SGD bn) | ||||||||||
| ATV per ATM withdrawal (SGD) | 299.46 | 297.41 | 283.47 | 283.92 | 324.62 | 345.35 | 355.34 | 6.39% | 15.32% | 2.89% |
| # ATM Terminals per 1m capita - Singapore | 566.6 | 515.3 | 473.6 | 475.8 | 449.5 | 419.9 | 411.8 | -6.58% | -25.89% | -5.82% |
| Source: BIS, MAS | ||||||||||
| 7 - POS Terminals in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| POS terminals | 271,661 | 275,014 | 320,011 | 330,015 | 312,529 | 337,845 | 365,212 | 8.10% | 24.36% | 4.46% |
| Ø Number of TXs per POS per month | 213.8 | 243.6 | 197.1 | 225.0 | 281.0 | 329.0 | 385.3 | 17.08% | 53.90% | 9.01% |
| Number of POS payments (m) | 697.00 | 804.00 | 757.00 | 891.00 | 1,054.00 | 1,334.00 | 1,688.38 | 26.57% | 91.39% | 13.86% |
| Value of POS payments (SGD bn) | 69.46 | 68.86 | 55.38 | 60.75 | 72.51 | 80.27 | 88.85 | 10.69% | 15.57% | 2.94% |
| ATV per POS payment (SGD) | 99.65 | 85.64 | 73.16 | 68.18 | 68.80 | 60.17 | 52.62 | -12.54% | -39.62% | -9.60% |
| # POS Terminals per 1m capita - Singapore | 48,178.2 | 48,217.9 | 56,282.4 | 60,513.6 | 55,442.2 | 57,091.1 | 61,715.7 | 2.97% | 18.50% | 3.45% |
| Source: BIS, MAS. | ||||||||||
| 8 - Internet Use in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Household with internet access | 97.7% | 98.4% | 98.4% | 99.3% | 98.7% | 98.5% | 98.6% | -0.22% | 0.74% | 0.15% |
| Individuals who own a mobile telephone (%) | 94.7% | 95.2% | 96.4% | 98.5% | 98.8% | 98.2% | 98.9% | -0.61% | 3.70% | 0.73% |
| Internet users who bought online | 57.5% | 63.4% | 67.3% | 71.8% | 63.0% | 62.7% | 63.8% | -0.46% | 9.11% | 1.76% |
| Internet users who conduct online banking and financial transactions | 69.3% | 70.8% | 71.6% | 83.7% | 81.3% | 79.4% | 81.6% | -2.35% | 14.63% | 2.77% |
| Mobile subscribers per 100 inhabitants | 147.4% | 154.0% | 142.9% | 147.5% | 156.5% | 173.0% | 178.6% | 10.56% | 17.40% | 3.26% |
| E-commerce revenue (SGD bn) | 246.3 | 266.6 | 268.5 | 365.3 | 401.1 | 426.1 | 475.50 | 6.24% | 72.99% | 11.58% |
| Annual e-commerce revenue growth rate/year | 2923535.5% | 0.7% | 36.1% | 9.8% | 6.2% | 11.6% | − | − | − | |
| Ø E-commerce amount per capita | $43,687.21 | $46,734.60 | $47,214.76 | $66,986.26 | $71,156.19 | $72,010.92 | $80,352.91 | 1.20% | 64.83% | 10.51% |
| Ø E-commerce amount per online buyer | $75,990.97 | $73,760.41 | $70,134.82 | $93,321.62 | $112,910.49 | $114,795.03 | $125,877.97 | 1.67% | 51.06% | 8.60% |
| Source: ITU, Statistics Singapore. | ||||||||||
| 9 - Cards Issued in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (000s) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y |
| Cards with ATM (cash) function | 9,479.22 | 9,534.64 | 10,056.13 | 10,413.64 | 11,404.93 | 12,494.07 | 13,448.6 | 9.55% | 31.80% | 5.68% |
| Cards with a payment function | 18,506.53 | 18,147.15 | 26,339.44 | 24,656.47 | 24,391.14 | 26,172.63 | 27,958.5 | 7.30% | 41.42% | 7.18% |
| - Cards with a debit function | 9,479.22 | 9,534.64 | 10,056.13 | 10,413.64 | 11,404.93 | 12,494.07 | 13,687.2 | 9.55% | 31.80% | 5.68% |
| - Cards with a delayed debit function | - | - | - | - | - | - | ||||
| - Cards with a credit function | 9,027.31 | 8,612.51 | 16,283.31 | 14,242.83 | 12,986.21 | 13,678.57 | 14,271.3 | 5.33% | 51.52% | 8.67% |
| Cards total | 18,506.53 | 18,147.15 | 26,339.44 | 24,656.47 | 24,391.14 | 26,172.63 | 27,958.5 | 7.30% | 41.42% | 7.18% |
| - Cards with e-money function | 47,145.52 | 29,235.36 | - | - | - | - | 13,687.2 | NA | NA | NA |
| - thereof contactless cards | 0.0 | |||||||||
| Payment cards per capita | 11.64 | 12.32 | 4.63 | 4.52 | 4.33 | 4.42 | 4.72 | 2.22% | -62.01% | -17.60% |
| Note: there are a few payment cards without cash function. | ||||||||||
| Source: BIS. | ||||||||||
| 10 - Payments with Singaporean Cards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Cards with a payment function | 18,507 | 18,147 | 26,339 | 24,656 | 24,391 | 26,173 | 27,959 | 7.30% | 41.42% | 7.18% |
| Ø payments per card per year | 53.7 | 64.5 | 46.0 | 59.3 | 66.8 | 75.7 | 81.4 | 13.38% | 41.15% | 7.14% |
| Ø payment value per card per year | $5,292 | $5,641 | $3,477 | $4,202 | $5,133 | $5,421 | €5,490.3 | 5.61% | 2.44% | 0.48% |
| Payments (m) | 993.1 | 1,169.9 | 1,212.9 | 1,463.0 | 1,629.6 | 1,982.5 | 2,277.2 | 21.66% | 99.62% | 14.83% |
| - thereof remote payments - CNP (m) | 297.0 | 365.0 | 457.0 | 571.00 | 574.0 | 649.0 | 733.8 | 13.07% | 118.52% | 16.92% |
| - with debit cards (m) | 494.7 | 575.8 | 613.3 | 769.5 | 867.8 | 1,041.9 | 1,209.3 | 20.06% | 110.62% | 16.06% |
| - with credit cards (m) | 498.4 | 29,235.4 | 599.6 | 693.4 | 761.7 | 940.6 | 1,067.9 | 23.48% | 88.70% | 13.54% |
| Value of payments (SGD bn) | 97.94 | 102.37 | 91.59 | 103.60 | 125.20 | 141.88 | 153.50 | 13.32% | 44.87% | 7.70% |
| - thereof remote payments (SGD bn) | 28.48 | 33.51 | 36.21 | 42.47 | 52.24 | 61.61 | 71.90 | 17.95% | 116.33% | 16.69% |
| - with debit cards (SGD bn) | 35.66 | 35.35 | 34.85 | 39.25 | 46.45 | 48.83 | 52.00 | 5.12% | 36.94% | 6.49% |
| - with credit cards (SGD bn) | 62.28 | 67.02 | 56.75 | 64.36 | 78.75 | 93.05 | 101.50 | 18.16% | 49.41% | 8.36% |
| ATV per card payment | $98.61 | $981,144.57 | $75.52 | $70.82 | $76.83 | $71.57 | €67.41 | -6.85% | -27.43% | -6.21% |
| Source: BIS, MAS | ||||||||||
| 11 - Card Payments Per Capita in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Debit card payments | 87.73 | 100.96 | 107.86 | 141.11 | 153.95 | 176.06 | 201.4 | 14.36% | 100.69% | 14.95% |
| Debit card value | $4,687.59 | $4,544.37 | $4,444.16 | $5,354.39 | $5,975.83 | $6,144.03 | $6,485.66 | 2.81% | 31.07% | 5.56% |
| Credit card payments | 88.4 | 104.2 | 105.4 | 127.1 | 135.1 | 158.9 | 130.9 | 17.62% | 79.81% | 12.45% |
| Credit card value | $8,187.65 | $8,614.23 | $7,237.46 | $8,780.69 | $10,130.91 | $11,708.57 | $12,576.88 | 15.57% | 43.00% | 7.42% |
| Total card payments | 176.1 | 205.1 | 213.3 | 268.3 | 289.1 | 335.0 | 332.3 | 15.89% | 90.21% | 13.72% |
| Total card value | $12,875.23 | $13,158.60 | $11,681.61 | $14,135.08 | $16,106.73 | $17,852.60 | $19,062.53 | 10.84% | 38.66% | 6.76% |
| Source: calculated using BIS data, population figures and exchange rates. | ||||||||||
| 12 - Payments with Singaporean Debit Cards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Debit Cards | 9,479 | 9,535 | 10,056 | 10,414 | 11,405 | 12,494 | 13,687 | 9.55% | 31.80% | 5.68% |
| Ø payments per debit card per year | 52.2 | 60.4 | 61.0 | 73.9 | 76.1 | 83.4 | 88.3 | 9.59% | 59.80% | 9.83% |
| Ø payments value (SGD) per debit card per year | 3,761.5 | 3,707.9 | 3,465.1 | 3,768.7 | 4,073.0 | 3,908.2 | 3,799.0 | -4.05% | 3.90% | 0.77% |
| Payments (m) | 494.68 | 575.83 | 613.29 | 769.54 | 867.82 | 1,041.89 | 1,209.26 | 20.06% | 110.62% | 16.06% |
| Value of payments (SGD bn) | 35.66 | 35.35 | 34.85 | 39.25 | 46.45 | 48.83 | 52.00 | 5.12% | 36.94% | 6.49% |
| ATV per debit card payment (SGD) | 72.08 | 61.40 | 56.82 | 51.00 | 53.53 | 46.87 | 43.00 | -12.45% | -34.98% | -8.25% |
| Total debit card payments per capita | 87.7 | 29,235.4 | 107.9 | 141.1 | 154.0 | 176.1 | 204.3 | 14.36% | 100.69% | 102.41% |
| Total debit card value per capita (SGD) | 6,323.6 | 6,198.5 | 6,128.5 | 7,196.3 | 8,240.7 | 8,251.4 | 8,786.9 | 0.13% | 30.49% | 41.76% |
| Source: MAS, BIS. | ||||||||||
| 13 - Payments with Singaporean Credit Cards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| Credit Cards | 9,027 | 8,613 | 16,283 | 14,243 | 12,986 | 13,679 | 14,271 | 5.33% | 51.52% | 8.67% |
| Ø payments per credit card per year | 55.2 | 69.0 | 36.8 | 48.7 | 58.7 | 68.8 | 74.8 | 17.23% | 24.54% | 4.49% |
| Ø payments value (SGD) per credit card per year | $6,899.1 | $7,781.2 | $3,485.0 | $4,518.7 | $6,064.3 | $6,802.8 | $7,112.3 | 12.18% | -1.40% | -0.28% |
| Payments (m) | 498.44 | 594.12 | 599.56 | 693.41 | 761.75 | 940.58 | 1,067.95 | 23.48% | 88.70% | 13.54% |
| Value of payments (SGD bn) | 62.28 | 67.02 | 56.75 | 64.36 | 78.75 | 93.05 | 101.50 | 18.16% | 49.41% | 8.36% |
| ATV per credit card payment (SGD) | $124.95 | $112.80 | $94.65 | $92.81 | $103.38 | $98.93 | $95.04 | -4.31% | -20.82% | -4.56% |
| Total credit card payments per capita | 88.4 | 29,235.4 | 105.4 | 127.1 | 135.1 | 158.9 | 180.5 | 6.28% | 79.81% | 12.45% |
| Total credit card payments value per capita (SGD) | $11,045.1 | $11,749.8 | $9,980.5 | $11,801.3 | $13,970.5 | $15,724.6 | $17,152.3 | 18.38% | 42.37% | 7.32% |
| Source: MAS, BIS. | ||||||||||
| 14 - E-Money in Singapore | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F | GR 22/23 | GR 5Y | CAGR 5Y | |
| - Cards with e-money function | 47,146 | 52,129 | 0 | 0 | 0 | 0 | NA | NA | NA | NA |
| Number of E-Money Payments (m) | 3,472.9 | 3,416.2 | 2,262.6 | 2,249.6 | 2,384.6 | 2,222.8 | 2,071.9 | -6.79% | -36.00% | -8.54% |
| Value of E-Money Payments (SGD bn) | 2,937.9 | 2,994.6 | 1,900.2 | 1,835.2 | 2,180.4 | 2,430.9 | 2,710.2 | 11.49% | -17.26% | -3.72% |
| Value per Transaction (SGD) | 845.96 | 876.60 | 839.81 | 815.76 | 914.37 | 1,093.65 | 1,308.08 | 19.61% | 29.28% | 5.27% |
| Source: BIS, MAS. | ||||||||||