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Singapore leads Southeast Asia in card payment usage and Buy Now Pay Later acceptance
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.
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.
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Featured image by DepositPhotos
