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Singapore

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

5,453,566

Banked Population:

97.55%

Group 427321246

Main industries

Financial Services, Energy and Infrastructure, Biotechnology, Tourism, Medical Tourism, and Information and Communications Technology

Group 427321247

Main imports

Integrated Circuits, Refined and Crude Petroleum, Gold, and Gas Turbines

Group 427321248

Main exports

Integrated Circuits, Refined Petroleum, Gold, Packaged Medicaments, and Gas Turbines

GDP stats

$72,794

Per capita (USD)

7.6%

Growth annually

36

World ranking

Internet usage

92%

Smartphone usage

88%

Credit/debit card usage

42.9%

Population transacting electronically

25%

Group 427321245 1

Total volume of digital payments projected to reach

$5459M USD

By 2024

Payment Methods in Singapore

All
  • All Methods
  • QR Code
  • eWallet
  • Fast Bank Transfer

QRCODE

QRCODE

SingTel DASH

eWallet

eNETs

Fast Bank Transfer

GrabPay

eWallet

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