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Singapore leads Southeast Asia in card payment usage and Buy Now Pay Later acceptance

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SINGAPORE: Singapore has emerged as the Southeast Asian leader in card payment penetration, with credit and debit cards being the most widely used payment methods, according to a recent report by Antom. The report highlights that credit card usage in the country stands at 80%, the highest in the region.

Card transactions dominate the e-commerce landscape in Singapore, accounting for 71% of all online payments in 2023. This figure is expected to rise further, reaching 75% by 2028.

The widespread acceptance of cards positions Singaporean merchants advantageously, especially as mobile wallets continue to gain traction. The integration of platforms such as Alipay+ further strengthens cross-border payment networks, enabling businesses to cater to international consumers more efficiently.

Beyond card payments, Singapore also leads the region in the adoption of “buy now, pay later” (BNPL) services.

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Recognizing both the opportunities and risks associated with BNPL, authorities have introduced a new code of conduct aimed at mitigating consumer over-indebtedness. While some providers have exited the BNPL market, financial institutions, including banks and telecommunications companies, have stepped in to offer similar installment-based payment programs.

Featured image by DepositPhotos

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