Territories - Asia

Singapore’s payment scene is a dynamic blend of traditional and modern methods, driven by its advanced digital infrastructure and high internet penetration. Traditional payments like cash and checks are still used, but their prevalence is decreasing. E-commerce is flourishing, with the market projected to reach $10 billion by 2025. Alternative payments, such as mobile wallets (GrabPay, Singtel Dash) and digital banking solutions, are rapidly gaining traction, driven by the tech-savvy population. Credit and debit card usage remains strong, with over 9 million cards in circulation as of 2023. Additionally, Singapore is a leader in adopting contactless payments, with 92% of transactions in 2023 being contactless. This diverse payment landscape underscores Singapore’s position as a hub for financial innovation and digital commerce.