Singapore leads in card payment usage in Southeast Asia

Cards are the most widely accepted payment option.

Singapore has the highest penetration rate for cards in Southeast Asia, with credit (80%) and debit cards being the most used payment methods, according to an Antom report.

The report showed that cards are the most widely accepted payment option as card e-commerce payments make up 71% of total transactions in 2023 and are set to rise to 75% by 2028.

It is followed by mobile wallets—placing Singapore merchants in an advantageous position to leverage growing cross-border networks in the region, such as Alipay+.

Singapore also shows the highest acceptance of "buy now, pay later" (BNPL) payment options in the region, reflecting its importance in this market.

With this, the city-state has introduced a new code of conduct for BNPL to address concerns over the risk of consumer over-indebtedness.

Whilst some providers have terminated BNPL, the gap is being filled by other providers such as banks and telcos offering similar programs.