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Fintech & Ecommerce

E-payments in Singapore to increase amid coronavirus outbreak

Apr 07, 2020

In September 2019, Singapore deployed more than 32,000 QR-codes across different merchant categories

E-payments in Singapore

E-payments in Singapore to increase amid coronavirus outbreak. Source: pixabay.com

According to?GlobalData, the push for digital payments amid COVID-19 is driving the adoption of e-payments in Singapore.

The country aims to keep on making steady progress in reducing cash usage along with the support of different government measures. This way, the cash share in total payments volume expected to decline from 48.3% in 2019 to 39% by 2023.

The data found that the number of credit transfers boosted from 61 million in 2015 to 133 million in 2019 whereas card payments increased from 611 million to 1.2 billion during the same period.

The digitalization of transit payments, expanding payment infrastructure, rising electronic payment acceptance among SMEs and growing consumer preference for digital payments will further push Singapore’s move towards a ‘less-cash’ economy
Nikhil Reddy, Banking and Payments Analyst at GlobalData

In addition to that, the launch of the Singapore Quick Response Code (SGQR) in September 2018 enabled the QR code-based payments to gain popularity and be widely used across the country.

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