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Singapore Cards and Payments: Opportunities and Risks to 2029

Publisher GlobalData
Published Nov 28, 2025
Length 95 Pages
SKU # GBDT20678625

Description

Singapore Cards and Payments: Opportunities and Risks to 2029

Summary

GlobalData’s ‘Singapore Cards and Payments: Opportunities and Risks to 2029' report provides detailed analysis of market trends in the Singaporean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including card, cash, credit transfer, direct debits and cheques during the review-period (2021-25e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2025e-29f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Singapore Cards and Payments: Opportunities and Risks to 2029' report provides top-level market analysis, information and insights into the Singaporean cards and payments industry, including-
  • Current and forecast values for each market in the Singaporean cards and payments industry, including debit, credit and charge cards.
  • Detailed insights into payment instruments including card, credit transfer, cash, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing the Singaporean cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Singaporean cards and payments industry.
Key Highlights
  • The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) launched a new payments entity, Singapore Payments Network (SPaN), in June 2025 to assume governance of the country’s national payment schemes. SPaN will oversee systems, such as Fast And Secure Transfers (FAST), General Interbank Recurring Order (GIRO), and SGD and USD cheque clearing, and replace existing scheme administrators to improve coordination, accelerate innovation, and strengthen payment infrastructure resilience. The not-for-profit entity is backed by the MAS and the seven banks Citibank, DBS, HSBC, Maybank, Oversea-Chinese Banking Corporation (OCBC), Standard Chartered, and United Overseas Bank (UOB). An 11-member board, including MAS officials, representatives from financial institutions, and independent members, will lead the transition. SPaN is expected to be fully operational by the end of 2026.
  • Several countries across the Asia-Pacific region are linking their cross-border payment systems through the use of QR codes. In November 2023, the MAS and Bank Indonesia established a cross-border, QR-code payment linkage between Singapore and Indonesia; enabling customers of participating financial institutions to make cross-border retail payments by using their existing mobile banking apps to scan merchants’ QRIS or Network for Electronic Transfers (NETS) QR codes in Indonesia and Singapore, respectively. Similarly, in February 2023, PayNow was linked to India’s instant payment platform Unified Payments Interface (UPI); enabling customers of participating banks to conduct cross-border transactions between the two countries.
  • In October 2024, the Singaporean telecommunications operator Singtel reached a conditional agreement to sell its mobile wallet service Dash to Western Union, pending regulatory approvals. Throughout the transition period, Dash will maintain uninterrupted services for its more than 1.4 million users. Since its inception in 2014, Dash has established itself as Singapore’s prominent mobile wallet; facilitating a range of financial transactions, including payments, remittances, savings, investments, and insurance services. It is noteworthy for its universal accessibility, regardless of users’ telecommunications or banking affiliations. This divestiture aligns with Singtel's strategic initiative to streamline its operations, while concentrating on fostering innovation and exploring growth opportunities
Scope
  • Card market size in terms of number of cards, value and volume of transactions in Singapore along with detailed card segmentation of debit, credit and charge cards available in the country.
  • Market sizing and analysis of major payment instruments including card, cash, credit transfer, direct debits and cheques.
  • Payment market trends and growth for both historical and forecast period
  • Competitor analysis with detailed insights into leading card issuers and schemes.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • A detailed snapshot of country's key alternative payment brands.
Reasons to Buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Singaporean cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Singaporean cards and payments industry.
  • Assess the competitive dynamics in the Singaporean cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Singapore.
  • Gain insights into key regulations governing the Singaporean cards and payments industry.

Table of Contents

95 Pages
  • Executive Summary
    • Singapore: Key facts, 2025e
    • Singapore: Benchmarking of payment cards, 2025e
    • Instant Payments
    • Payment Cards: Market Sizing and Forecasting
    • Payment Cards: Market by Product and Service Type
    • Debit Cards: Market Sizing and Forecasting
    • Debit Cards: Schemes
    • Debit Cards: Issuers
    • Credit and Charge Cards: Market Sizing and Forecasting
    • Credit and Charge Cards: Schemes
    • Credit and Charge Cards: Issuers
    • Credit Card Debt
    • Prepaid Cards: Market Sizing and Forecasting
    • Contactless Cards: Card Holding
    • Retail: Market Sizing and Forecasting
    • Ecommerce: Market by Products and Services
    • Ecommerce: Market by Payment Tool
    • In-Store Payments: Market by Payment Tools
    • In-Store Payments: Market by Products and Services
    • Online Buy Now Pay Later
    • Mobile Proximity Payments
  • P2P Payments
  • Bill Payments
    • Alternative Payments: Payment Solutions
  • Payment Innovations
  • Job Analysis
    • POS Terminals and ATMs
    • Regulatory Environment
    • Singapore: payment instrument transaction values (SGD billions), 2021-29f
    • Singapore: payment instrument transaction values ($ billions), 2021-29f
    • Singapore: payment instrument transaction volumes (millions), 2021-29f
    • Singapore: payment cards in circulation by type (millions), 2021-29f
    • Singapore: volume of payment card transactions (millions), 2021-29f
    • Singapore: value of payment card transactions (SGD billions), 2021-29f
    • Singapore: value of payment card transactions ($ billions), 2021-29f
    • Singapore: debit cards in circulation (millions), 2021-29f
    • Singapore: debit card transaction volumes, 2021-29f
    • Singapore: debit card transaction values (SGD), 2021-29f
    • Singapore: debit card transaction values ($), 2021-29f
    • Singapore: debit cards in circulation by scheme (millions), 2021-25e
    • Singapore: debit card transaction values by scheme (SGD billions), 2021-25e
    • Singapore: debit card transaction values by scheme ($ billions), 2021-25e
    • Singapore: debit cards in circulation by issuer (000s), 2021-25e
    • Singapore: debit cards transaction value by issuer (SGD billions), 2021-25e
    • Singapore: debit cards transaction value by issuer ($ billions), 2021-25e
    • Singapore: credit and charge cards in circulation (millions), 2021-29f
    • Singapore: credit and charge card transaction volumes, 2021-29f
    • Singapore: credit and charge card transaction values (SGD), 2021-29f
    • Singapore: credit and charge card transaction values ($), 2021-29f
    • Singapore: credit and charge cards in circulation by scheme (000s), 2021-25e
    • Singapore: credit and charge card transaction values by scheme (SGD billions), 2021-25e
    • Singapore: credit and charge card transaction values by scheme ($ billions), 2021-25e
    • Singapore: credit and charge cards in circulation by issuer (000s), 2021-25e
    • Singapore: credit and charge cards transaction value by issuer (SGD billions), 2021-25e
    • Singapore: credit and charge cards transaction value by issuer ($ billions), 2021-25e
    • Singapore: credit cards in circulation (millions), 2021-29f
    • Singapore: credit card transaction volumes, 2021-29f
    • Singapore: credit card transaction values (SGD), 2021-29f
    • Singapore: credit card transaction values ($), 2021-29f
    • Singapore: credit cards in circulation by scheme (000s), 2021-25e
    • Singapore: credit card transaction values by scheme (SGD billions), 2021-25e
    • Singapore: credit card transaction values by scheme ($ billions), 2021-25e
    • Singapore: charge cards in circulation (000s), 2021-29f
    • Singapore: charge card transaction volumes, 2021-29f
    • Singapore: charge card transaction values (SGD), 2021-29f
    • Singapore: charge card transaction values ($), 2021-29f
    • Singapore: charge cards in circulation by scheme (000s), 2021-25e
    • Singapore: charge card transaction values by scheme (SGD millions), 2021-25e
    • Singapore: charge card transaction values by scheme ($ millions), 2021-25e
    • Singapore: prepaid cards in circulation (millions), 2021-29f
    • Singapore: prepaid card transaction values (SGD billions), 2021-29f
    • Singapore: prepaid card transaction values ($ billions), 2021-29f
    • Singapore: merchant acquiring transaction volumes (millions), 2021-29f
    • Singapore: merchant acquiring transaction values (SGD billions), 2021-29f
    • Singapore: merchant acquiring transaction values ($ billions), 2021-29f
    • Singapore: retail outlets and card-accepting merchants (000s), 2021-29f
    • Singapore: merchant acquirers’ transaction volume (millions), 2021-25e
    • Singapore: merchant acquirers’ transaction value (SGD billions), 2021-25e
    • Singapore: merchant acquirers’ transaction value ($ billions), 2021-25e
    • Singapore: debit card average interchange fees (%), 2021-25e
    • Singapore: credit card average interchange fees (%), 2021-25e
    • Singapore: debit card merchant service charge and interchange fee (%), 2021-29f
    • Singapore: credit card merchant service charge and interchange fee (%), 2021-29f
    • Singapore: retail market by product categories (SGD billions), 2021-29f
    • Singapore: retail market by product categories ($ billions), 2021-29f
    • Singapore: retail market by service categories (SGD billions), 2020-24
    • Singapore: retail market by service categories ($ billions), 2020-24
    • Survey sample across countries

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