Singapore’s card payments market is projected to reach $119.6 billion (S$158.2 billion) by the end of 2025, driven by stronger consumer spending, growth in e-commerce, and increased adoption of contactless payment technology, according to GlobalData.
The market is forecast to expand further to $158.3 billion (S$209.2 billion) by 2029.
Credit and charge cards accounted for the majority of card payment value in 2025, making up 67.6% of the total market.
Government initiatives have played a key role in supporting growth. Singapore offers subsidy programmes that help small and medium-sized enterprises (SMEs) adopt point-of-sale (POS) systems, with funding covering up to 50% of application costs, the report noted.
Financial institutions are also introducing products tailored to small businesses. For instance, CIMB recently launched a credit card designed for sole proprietors and SME owners, providing interest-free periods of up to 114 days.
Debit cards continue to hold a significant share of transactions, representing 32.4% of the total card payment value.
GlobalData analyst Ravi Sharma highlighted that debit card usage is supported by widespread domestic acceptance through the NETS network, which connects partner banks to more than 150,000 merchant acceptance points and enables contactless payments through NETS FlashPay.
The market is expected to benefit from ongoing financial inclusion initiatives, Singapore’s advanced payment infrastructure, and rising consumer preference for contactless transactions.
Despite potential challenges from geopolitical and trade uncertainties, expanding acceptance networks and continued growth in electronic payments are expected to sustain steady growth in card transaction value between 2025 and 2029, Sharma added.
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