Singapore’s card payments market is projected to expand by 6.2 percent in 2025, reaching SGD158.2 billion ($119.6 billion), according to new data from GlobalData.
The research attributes the steady rise to near-universal access to bank accounts, wide merchant acceptance infrastructure, and the continued surge in contactless card usage.
GlobalData’s Payment Cards Analytics shows that card payment value rose 5 percent in 2024 to SGD148.9 billion ($111.5 billion). Analysts say stronger consumer spending, rapid e-commerce growth, and wider availability of contactless payment options underpinned last year’s gains.
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Government-backed incentives are also playing a key role. The Productivity Solutions Grant (PSG), which provides up to 50 percent funding for small and medium-sized enterprises adopting point-of-sale systems, has helped accelerate card acceptance among retailers and service providers. This has expanded the merchant network and helped shift more transactions onto digital rails.
Debit cards remain a crucial component of Singapore’s payments landscape. In 2025, they are expected to account for 32.4 percent of total card payment value, amounting to SGD51.2 billion ($38.7 billion).
Their continued strength is supported by widespread provision of basic bank accounts, typically bundled with debit cards, and the broad domestic acceptance of NETS, which connects major banks to over 130,000 acceptance points.
NETS’ FlashPay contactless feature has further boosted everyday debit card usage. Financial inclusion initiatives and low-cost banking options have also ensured a large and stable base of debit card users.
Despite this, credit and charge cards continue to dominate, representing 67.6 percent of total card payment value in 2025. Their popularity is reinforced by rewards programs, cashback offers, and instalment plans, which encourage higher spending and make credit cards a preferred choice for larger purchases and e-commerce transactions.
Ravi Sharma, lead banking and payments analyst at GlobalData, comments: “Singapore’s payment card market has benefited from a near-100 percent banked population, a mature acceptance network, and coordinated efforts by government, regulators and banks to promote electronic payments.
“These factors, alongside innovation in contactless solutions and expanding merchant acceptance — including hawker centers and small merchants — have driven sustained growth in card payments.
“Growth in 2025 follows a continuation of the strong recovery and structural shift to electronic payments driven by broad card ownership, a well-developed payment acceptance infrastructure, and targeted government and bank initiatives that encourage merchants and consumers to favor card-based transactions.”
Overall, GlobalData expects Singapore’s well-developed banking system, strong digital infrastructure, and consumer embrace of contactless technology to sustain card payment growth in the years ahead.
Sharma concludes: “Total card payments in Singapore are expected to continue growing through 2029, driven by further adoption of contactless payments, expansion of merchant acceptance supported by subsidy programs, growing preference for credit card benefits and continued enhancements in payment infrastructure.
“These trends, combined with the high banked population and well-established domestic debit scheme, underpin steady card payment market growth; however, geopolitical and trade uncertainties could temper consumer spending and slow growth in certain periods.”
