Card payments projected to generate $158.2b in 2025

This is thanks to the rise of contactless cards, rewards for credit, and financial inclusion in debit.

Singapore’s card payments market is forecast to grow by 6.2% to $158.2b in 2025, supported by near-universal bank access, extensive merchant acceptance, and rising use of contactless cards, GlobalData said.

Card payment value in Singapore increased in 2024, registering growth of 5% YoY to reach $148.9b, as consumer spending, e-commerce, and contactless payments rose that year, the data company said in its Payment Cards Analytics.

Credit and charge cards account for the largest share in total card payment value, representing 67.6% of the market in 2025, it added.

Credit usage was buoyed by consumer preference rewards, cashback, and installments, which accelerated credit card volumes and values versus debit cards.

Debit cards in 2025 account for 32.4% of total card payment value of $51.2b, as financial inclusion initiatives and low-cost basic accounts from major banks ensured a base of debit card users and growth in debit payment, GlobalData said.

Policy and subsidy initiatives supported merchant acceptance of card payments through the Productivity Solutions Grant, which offered small-to-medium enterprises up to 50% funding for POS installations.

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