Cards & Payments

The revival of economic conditions and vaccine distribution will spur card spending.

Card payments are expected to reach $96.5b in three years’ time.

Cards will remain king, but e-wallets will overtake them in online purchases.

Banks and payment firms are stepping up their card game to encourage cashless spending.

Whilst it may improve payment systems, card firms and payment platforms won’t be happy with the potential new competition.

Buy now, pay later solutions are popular amongst Millennials.

Growing adoptiong of QR payments is driving mobile wallet usage in the country.

More than half of businesses in the country now accepts Singapore Quick Response Code.

Ride hailing and e-commerce firms are driving the e-payments revolution, eroding banks’ hold.

Rising financial inclusion and improvements in the payments infrastructure drove growth.

Whilst COVID-19 hampered this rise, growth is expected to pick up again through 2024.

It bought the remaining 30% stake of GoPay last December.

Bank transfers made up 30.7% of the local payments market in 2020.

DPT activities carry higher inherent money laundering and terrorism financing risks.

They can even set a part of their salaries to be automatically transferred to their Revolut wallet.

Seven in 10 consumers shopping online increased their use of digital payment methods.