GlobalData finds a push to digital payments in Singapore due to COVID-19

Tuesday 11 August 2020 10:10 CET | News

The COVID-19 pandemic has accelerated Singapore's push to digital payments, with rise in card payments and decline in cash usage, according to GlobalData.

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.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: COVID-19, digital payments, Singapore, GlobalData, online payments, card payments, cash, withdrawals, ATM, merchants
Categories: Payments & Commerce
Countries: Singapore
This article is part of category

Payments & Commerce