Payments’ state of play 2026
Shifts redefining Singapore's payment ecosystem
As the global finance landscape evolves, Singapore is emerging as a payments leader, with its digital payments market projected to grow at an 18.3% Compound Annual Growth Rate (CAGR) to USD 480.6 billion by 2030.
Singapore’s payments hub has been forged by progressive regulation and public–private partnership. Realtime rails, walletled experiences, blockchain and AI are rewiring how money moves—from PayNow and Fast and Secure Transfers (FAST) at home to emerging crossborder links through initiatives like Project Nexus—while stablecoins advance under clear guardrails. Speed, however, raises the stakes: scams and cyber risks are intensifying, demanding prevention at transaction speed and coordinated action across regulators, banks and platforms. With embedded finance, super apps and generative AI accelerating, Singapore is setting the pace toward a secure, borderless, fully digital payments future.
Key progress in Singapore’s payments landscape
Digital by default
Digital payments adoption stands at 92.0% in 2025. The shift reflects everyday use of contactless tap via tokenised cards in mobile wallets, real-time transfers through PayNow and FAST, and wider QR acceptance with Singapore Quick Response Code (SGQR). High banking and smartphone penetration, together with clear MAS rules under the Payment Services Act, have built confidence for consumers and merchants. As a result, cashless payments are now routine across retail, bill pay and peer-to-peer, with tap and scan widely accepted.
Breakdown of POS transaction value in 2024
ATM withdrawals
SGD 55.14 billion
(39.18% of POS transaction value)
Credit cards
SGD 54.54 billion
(38.76% of POS transaction value)
Dedit cards
SGD 28.52 billion
(20.27% of POS transaction value)
E-money
SGD2.52 billion
(1.79% of POS transaction value)
In 2024, card payments still dominates in Singapore, with a total value of SGD 148.91 billion.
Singapore’s payments is card‑centric and increasingly wallet‑led. Credit cards account for the largest share of transaction value, reflecting broad acceptance, strong rewards and tokenised credentials in mobile wallets that make tap‑to‑pay the default. Debit cards provide a strong second rail for everyday spend, reinforcing the shift to contactless without introducing credit risk. The small “e‑money” slice in MAS data reflects the stored‑value wallet transactions where accepted. However, it does not capture the large volume of account‑to‑account activity (FAST/PayNow, SGQR) that many consumers use for low‑value, everyday payments. ATM withdrawals continue to remain sizable, highlighting the persistent cash usage in specific segments (e.g., hawker centres, older consumers and cash‑preferred trades), even as overall payment transactions digitises.
Scams at instant speed; defences at transaction speed
H1 2025 losses show scams evolving in sophistication and business model. Investment scams lead by total losses, pointing to highseverity events where victims are coaxed into larger transfers over time.
Government impersonation has surged, fuelled by caller ID spoofing, convincing scripts and emerging audio/ video deepfakes. Phishing remains the most frequent vector, with malware and fake “support” sites compromising devices and credentials at scale. Cryptocurrency-related scams continue to appeal to yield seeking users, while “insurance services” scams reflect rapid innovation and targeting of financial life events.
Conclusion
Singapore’s payments system is now digital by default and increasingly borderless. The next phase is execution: complete Singapore Payments Network (SPaN), broaden PayNow crossborder links via Project Nexus, and embed safety-by-default controls that act at transaction speed. A shared responsibility framework and realtime intelligence sharing will reduce scam losses without slowing commerce.
Delivering on interoperability, resilience and trust will keep Singapore a global reference model—lowering costs for merchants, speeding remittances and FX for consumers, and providing safer rails for wallets, stablecoins and embedded finance.
Wong Wanyi
Fintech Leader, PwC Singapore
"Payments are evolving rapidly, led by technology and emerging realities, while also presenting new risks. Singapore stands at the centre of this transformative era, where long-term success as a payments hub—and for industry players—calls for a comprehensive framework of controls and risk management, underpinned by clear regulatory guidance and high industry standards that encourage innovation, build trust, and sustain momentum across the ecosystem. To stay competitive, industry players must not only keep pace but also lead with resilience and innovation. With cross-border payment solutions and stablecoin payments setting the stage for the next wave of growth, now is the time to rethink strategies that can further solidify Singapore’s leadership in the payments landscape."
Holly Fang
President of the Singapore FinTech Association
"Over the past decade, Singapore has developed one of the most advanced, resilient, and trusted payments ecosystems in the world. The Payments’ State of Play 2026 report highlights how progressive regulation, industry collaboration and technology adoption have positioned Singapore as a leading hub for real-time and cross-border payments, while tackling challenges such as fraud and scams head-on. Moving forward, the SFA will continue working closely with policymakers and industry stakeholders, fostering ongoing dialogue between regulators and FinTechs to help shape the roadmap for Singapore’s payments infrastructure."
About the report
This report is jointly published by PwC Singapore and Singapore FinTech Association (SFA).
This report highlights the growing complexity of today’s payments landscape. As digital payments, wallets, stablecoins and embedded finance become increasingly mainstream, safeguarding trust requires a shared responsibility framework. Addressing challenges such as fraud and scams will depend on collaborative action across the entire ecosystem and value chain.
