Consumer Behavior

COVID-19 driving digital payments use in Singapore

Photo provided by iStock

August 26, 2020

Singapore residents are increasingly adopting digital payments due to the COVID-19 pandemic, according to a GlobalData report. The report estimates total card payments will grow by 2.5% to $85.3 billion while cash withdrawals at ATMs will decline by 3.4% in 2020.

Big banks and large merchants have helped made contactless payment solutions mainstream, and most retailers now accept contactless cards.

"Singapore is a highly developed contactless card markets, with most consumers having access to contactless card. The COVID-19 outbreak has spurred merchants to adopt electronic payments," Ravi Sharma, lead banking and payments analyst, Global Data, said in the report. "Cash payments are set decline in the short-term in Singapore while card payments, particularly contactless payments, are expected to grow."