The card payment market in Singapore is expected to grow at a healthy compound annual growth rate (CAGR) of 7.2% between 2025 and 2029 to reach SGD209.2 billion ($156.6 billion) in 2029f. The growth will be driven primarily by credit and charge cards, supported by an almost fully banked population, robust payment acceptance infrastructure, and initiatives by financial authorities to promote cashless payments, reveals GlobalData, a leading data and analytics company.
GlobalData’s Payment Card Analytics reveals that payment cards value in Singapore registered a strong CAGR of 11.3% between 2021 and 2025e, reaching SGD158.2 billion ($118.4 billion) in 2025. On the other hand, total ATM cash withdrawals registered a low CAGR of 2.3% during the same period, due to the reduced usage of cards for withdrawals.
Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Singapore’s payment card market is well developed, with the average individual holding nearly four cards and card payment frequency reaching 107.1 transactions per person in 2025e—among the highest in the Asia-Pacific region. Widespread adoption of contactless payments, a growing preference for electronic payments, and a burgeoning e‑commerce market are all contributing to this growth.”
While debit card penetration is high in Singapore, credit cards dominate the payment card market. This trend can be attributed to several key factors like promotional strategies, enticing benefits like cashback, rewards, and discounts that directly incentivize consumer spending. Furthermore, credit cards provide the convenience of interest-free installment plans, which allows consumers to finance high-value purchases.
Furthermore, the rise of e-commerce has also played a significant role, with credit cards being the preferred payment method for online shopping due to their widespread acceptance and the security features they provide.
A well-developed payment infrastructure, with strong POS terminal uptake, is also a major driver for the rise in card payments. The number of POS terminals per million inhabitants in Singapore stands at 62,551 in 2025e, which is higher compared to some of its peers such as New Zealand (43,768), Australia (40,055), China (36,578), Hong Kong (China SAR) (27,992), and Japan (21,966).
In addition to the traditional POS terminals, companies are offering POS solutions designed to target SMEs. For instance, Singapore-based payment solutions provider FOMO Pay collaborated with Mastercard to unveil a new payment solution called FOMO SoftPOS in November 2024. This solution enables merchants to process contactless card payments directly via smartphones.
The growing popularity of contactless payments is also driving overall card usage at point of sale. Supported by most banks and financial institutions, contactless payments have become prevalent and are widely accepted by retailers and across public transport networks.
To broaden the applications of contactless card payments, from May 2025 commuters were made to use American Express contactless cards to pay for bus and train rides, as well as retail purchases, with no additional fees. Cards can be added to mobile wallets without pre‑registration.
Challa concludes: “Singapore’s payment card market is poised for sustained growth over the next five years, supported by increasing consumer awareness of digital payments and advancements in payment infrastructure. The rise in e-commerce and contactless payments will also contribute to this growth.”
Notes
- Quotes provided by Kartik Challa, Senior Banking and Payments Analyst at GlobalData
- Information is based on GlobalData’s Payment Card Analytics
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