,Singapore

Higher adoption of QR payments ramps up Singapore’s cashless transition

In January, 1.2 million transactions were carried out via the SGQR.

Increasing preference of Singaporean consumers for QR code payments will support the country’s transition to a cashless society, according to a report by data and analytics firm GlobalData.

The number of point-of-sale (POS) terminals in Singapore is set to increase to 316,695 by 2024 from about 254,469 in 2021, according to an analysis by GlobalData’s Payment Cards Analytics.

“Singapore merchants are increasingly turning to digital payments amidst COVID-19. The outbreak has accelerated the adoption of digital payments among smaller merchants as well, thereby supporting the Singapore government’s vision to become a ‘less-cash’ society,” said Nikhil Reddy, banking and payments analyst at GlobalData.

Singapore currently has 44 POS terminals per 1,000 individuals in 2021, ­­­amongst the highest in Asia-Pacific. In January, 1.2 million transactions were carried out via the Singapore Quick Response Code (SGQR), an increase of four times since its launch in June 2020.

Reddy noted how government support is playing a key part in driving the acceptance of electronic payments amongst merchants. Singapore recently raised the subsidy of the Productivity Solution Grant—which provides local businesses with a subsidy for POS installation—from 70% to 80% between April 2020 and March 2022. It is aimed at promoting cashless payment amidst the COVID-19 pandemic.

Further, to encourage hawkers to adopt SGQR, Singapore has also rolled out the "Hawkers Go Digital Programme" launched to promote SGQR adoption among hawkers. As a part of this, the government is bearing transaction fees on SGQR payments until 31 December 2023. 

Photo courtesy of David Dvoracek

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Google Pay users can get up to a 20% cashback when they pay through SGQR.
It is exiting the retail banking business to refocus on corporate transactions.
NPL ratio is expected to rise to its highest since the 2009 financial crisis.
The latest licensed banks in Thailand have loan market share below 0.5%. 
The capital injection was approved by the State Bank of Vietnam.
RetireSavvy allows Singaporeans to adjust their retirement plans.
Its net promoter score rose 35% in 2021 from end-2020.
Chuchkina has 15 years of experience in the fintech industry.
Green projects have the potential to create over 1,350 jobs in the country.
Rapheal Mun will relocate from Singapore to London for her new role.
The new COVID surge that began in April may hinder GDP recovery.
Banking leaders admit that they are at risk of ceasing to exist in 5-10 years.