Singapore’s card payments market is projected to grow at a 7.2% compound annual growth rate (CAGR) from 2025 to 2029, reaching S$209.2b, according to GlobalData. This growth is attributed to widespread bank access, extensive merchant acceptance, and the increasing use of contactless cards.
In 2025, the card payment value in Singapore saw a 6.2% year-on-year increase, reaching S$158.2b. This rise was fuelled by heightened consumer spending, the expansion of e-commerce, and broader acceptance of contactless payments. Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, noted, “Singapore’s payment card market is expanding steadily on the back of high banked population, developed card network, and targeted government and bank initiatives.”
The Singaporean government has supported this growth through initiatives like the Productivity Solutions Grant, which subsidises up to 50% of point-of-sale installations for small and medium enterprises (SMEs). This has encouraged more merchants to adopt card payment technologies, expanding the market footprint.
Debit cards accounted for 32.4% of the total card payment value in 2025, bolstered by financial inclusion initiatives and low-cost basic accounts. Meanwhile, credit and charge cards dominated the market with 67.6%, driven by consumer preferences for rewards and cashback features.
Sharma concluded that despite geopolitical and trade uncertainties, the market will continue to benefit from financial inclusion efforts, a robust payment infrastructure, and the growing use of contactless cards. The expansion of merchant acceptance networks will further support the healthy growth of card transactions over the next few years.
