The Singapore card payments market is forecast to increase at a 7.2% compound annual growth rate (CAGR) to reach SGD209.2 billion ($158.3 billion) in 2029, supported by near-universal bank access, extensive merchant acceptance, and rising use of contactless cards, according to GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the card payment value in Singapore registered a 6.2% year-on-year growth to reach SGD158.2 billion ($119.6 billion) in 2025, driven by increased consumer spending, expansion of e-commerce, and wider acceptance of contactless payments.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Singapore’s payment card market is expanding steadily on the back of high banked population, developed card network, and targeted government and bank initiatives that encourage merchants and consumers to favor card-based transactions. These factors, alongside innovation in contactless solutions and expanding merchant acceptance, including hawker centres and small merchants, have driven sustained growth in card payments.”

One of the initiatives from government being the subsidy program, which has directly supported merchant acceptance of card payments. The Productivity Solutions Grant (PSG) offers SMEs funding for POS installations—up to 50% support for applications—helping retailers, and other small businesses adopt card acceptance technologies and thereby expand the merchant footprint for card payments.

Debit cards remain an important pillar of the market in 2025, accounting for 32.4% of total card payment value of SGD51.2 billion ($38.7 billion). Financial inclusion initiatives and low-cost basic accounts from major banks have ensured a high base of debit card users and steady growth in debit payments.

Sharma continues: “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.”

On the other hand, credit and charge cards dominated total card payment value, representing 67.6% of the market in 2025. This is supported by consumer preference for value-added features such as rewards, cashback and instalment facilities; these benefits have contributed to faster growth of credit card volumes and values versus debit.

Sharma concludes: “Singapore’s card payments market will continue to benefit from sustained financial inclusion efforts, well developed payment infrastructure, the growing use of contactless cards and expansion of merchant acceptance supported by subsidy programmes.  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.”