Singapore Dollar (SGD)
Cards are the leading payment method in Singapore, accounting for 65% of eCommerce transactions. 18% of transactions are processed using digital wallets, with bank transfers taking up 11% of the market share, and cash claiming only 3%. Singapore has embraced financial technology and its impact on the payment services landscape while acknowledging the accompanying risks. The Payment Services Act 2019 (PSA) was therefore established by the Monetary Authority of Singapore (MAS), to regulate electronic payment services and mitigate fraud risks.
Population
Banked Population:
Main industries
Financial Services, Energy and Infrastructure, Biotechnology, Tourism, Medical Tourism, and Information and Communications Technology
Main imports
Integrated Circuits, Refined and Crude Petroleum, Gold, and Gas Turbines
Main exports
Integrated Circuits, Refined Petroleum, Gold, Packaged Medicaments, and Gas Turbines
$72,794
Per capita (USD)
7.6%
Growth annually
36
World ranking
Total volume of digital payments projected to reach
$5459M USD
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