Singapore’s credit and charge card payments market is projected to grow by 9.2% to reach SGD116.8 billion ($88.4 billion) in 2026. This growth is being driven by a confluence of factors including widespread card acceptance, a near-100% banked population, and increasing adoption of contactless cards, according to GlobalData, a leading intelligence and productivity platform.
GlobalData’s Payment Cards Analytics reveals that the credit and charge card payment value in Singapore registered an estimated growth rate of 7.6% in 2025, to reach SGD107 billion ($80.9 billion), driven by the rise in consumer spending.
Poornima Chinta, Senior Banking and Payments Analyst at GlobalData, comments: “While debit cards also enjoy strong usage, especially in everyday transactions, credit and charge cards have pulled ahead through superior value-added benefits, instalment options, cashback, and rewards programs. Regulatory backing, high public awareness of payment cards, robust merchant acceptance, and infrastructural enhancements including broader contactless card penetration are all reinforcing their lead.”
Rewards, discounts, and flexible payment schemes play a key role in driving credit and charge card usage in Singapore. Banks such as UOB offer instalment plans for online purchases over three, six, 12 or 24-month periods with 0% interest at partner merchants, while Citibank’s Citi SMRT card delivers up to 5% cashback on purchases in stores and online.
A well-developed POS infrastructure is also supporting the rise of credit and charge cards. Singapore boasts one of the highest number of POS terminals per million inhabitants in the Asia-Pacific region, which stood at 62,551 in 2025, significantly higher compared to some of its peers such as Malaysia (29,093), Hong Kong (27,992), and Thailand (13,017).
Regulatory and policy developments are also enhancing the environment for credit and charge card payments. Initiatives such as the Productivity Solutions Grant support SMEs with subsidized POS installations (up to 50% funding from April 2023), increasing merchant acceptance.
Chinta concludes: “Credit and charge card payments in Singapore are poised for steady growth over the next five years, underpinned by the expanding e-commerce adoption, a well-developed payment infrastructure, attractive rewards and instalment offers, and robust regulatory support. The credit and charge card market is expected to grow at a CAGR of 7.8% between 2025 and 2029 to reach SGD144.2 billion ($109.1 billion) in 2029.”
Notes
Quotes provided by Poornima Chinta, Senior Banking and Payments Analyst at GlobalData
Information is based on GlobalData’s Payment Cards Analytics
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