The data and analytics company estimates total card transactions (POS and ATM) in Singapore to grow marginally by 0.4% in 2020, compared to 7.8% growth in 2019. While card payments (POS) is forecasted to grow by 2.5% in 2020 to reach USD 85.3 billion, cash withdrawals at ATM is forecasted to decline by 3.4% during the same period.
Backing from big banks and large merchants has made contactless mainstream payment method in Singapore, as contactless cards are accepted by most retailers. The current pandemic is expected to further push the adoption and usage of contactless cards in the country.
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