Credit card market to grow 9.2% in 2026 on increased acceptance and contactless payments

Credit cards lead as value-added benefits attract users.

Singapore’s credit and charge card payments market is projected to grow 9.2% to $116.8b in 2026, driven by wider card acceptance and increased use of contactless payments, according to a report by GlobalData.

The report said the market reached $107b in 2025, a 7.6% increase, due to rising consumer spending.

Credit and charge cards continue to gain market share through rewards programmes, instalment options, and cashback offers. Whilst debit cards remain common for everyday purchases, credit products lead due to value-added benefits.

Singapore recorded 62,551 point-of-sale terminals per million inhabitants in 2025, higher than Malaysia with 29,093, Hong Kong with 27,992, and Thailand with 13,017.

Banks have introduced incentives to increase card usage. United Overseas Bank offers instalment plans with 0% interest for online purchases at partner merchants, whilst Citibank provides 5% cashback on store and online transactions through its Citi SMRT card.

Government support has also expanded merchant adoption. The Productivity Solutions Grant provides 50% funding for POS installations for small and medium enterprises.

GlobalData forecasts the market to grow at a compound annual growth rate of 7.8% between 2025 and 2029, with total payment value from credit and charge cards expected to reach $144.2b by 2029.