According to the payment processing company’s 2024 Global Payments Report, cash use in Singapore is expected to decline significantly by 2027. WorldPay.
of report Cash use in Singapore is predicted to fall from 15% (S$23 billion) of POS transactions in 2023 to 7% (S$11.4 billion) by 2027.
Digital wallets such as Apple Pay, GrabPay and DBS PayLah! are growing in popularity in Singapore.
Payment volume is expected to grow from 22% (S$33.6 billion) in 2023 to 44% (S$75 billion) by 2027, surpassing credit card usage.
Credit cards, which accounted for 37% of transactions (S$55 billion) in 2023, are forecast to fall to 29% (S$49 billion) by 2027.
This trend puts Singapore in line with countries such as France, South Korea, the UK and the US, which are also predicted to see cash transactions fall below 10% by 2027.
Across the Asia Pacific region, cash use is expected to decline from 19% of in-store transaction value in 2022 to 16% in 2023, and continue to decline to less than 10% by 2027.
Globally, cash transactions are predicted to decline 8% in 2023 and account for just 11% of consumer spending by 2027.
Singapore remains the leader in cashless payment adoption in Southeast Asia, with the lowest cash transaction volume in 2023 at 15%, compared to Indonesia (38%), Malaysia (32%), Philippines (44%), Thailand (46%) and Vietnam (38%).
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