Digital payments in Singapore - statistics & facts
Singapore is one of the most advanced markets in Southeast Asia in terms of cashless adoption, with the highest average transaction value of digital payments across the region. The Monetary Authority of Singapore (MAS), along with major financial institutions, has been instrumental in facilitating this development. With near-universal access to bank accounts and a population comfortable with technology, Singapore’s digital payments ecosystem is positioned for sustained growth. A high credit card penetration rate, one of the most significant in Asia, and a robust infrastructure driven by the Fast and Secure Transfers (FAST) system, forms the foundation of an advanced digital payments sector.
