Singapore card payments hit $119.6b in 2025 on SME push and contactless cards

Credit and charge cards made up two-thirds of the value.

Singapore's card payments market is expected to be valued at $119.6b (S$158.2b) by end-2025, lifted by increased consumer spending, e-commerce, and contactless payments, according to GlobalData.

The market is expected to reach $158.3b ($209.2b) by 2029.

In 2025, credit and charge cards dominated total card payment value, representing 67.6% of the market in 2025.

Government support is noted as pivotal to the market's growth as well. Singapore has a subsidiary program for small and medium enterprises (SMEs) to adopt point-of-sales (POS) technology, offering up to 50% support for applications, the report said.

Banks are also launching cards aimed at small businesses. CIMB recently unveiled a credit card for sole proprietors and small-business owners, offering up to a 114-day interest free period.

Debit cards remain in strong use, with 32.4% of total card payment value making up the market.

"This is also supported by strong domestic acceptance of debit card via local network NETS, which links partner banks to more than 150,000 acceptance points and supports contactless payments with its NETS FlashPay functionality," said Ravi Sharma, lead banking and payments analyst at GlobalData.

The market is expected to continue benefiting from financial inclusion efforts, the country's well-developed payment infrastructure, and growing use of contactless cards.

"Although geopolitical and trade uncertainties continue to pose challenges, expanding acceptance networks, and constant rise in electronic payments will underpin healthy expansion in card transaction value over 2025–29," Sharma said.