The use of cash in Singapore is forecast to decline by more than half by 2027 according to findings in the 2024 Global Payments Report from Worldpay, a leading payments technology and solutions. Data in the report suggests cash use will drop from 15% (S$23 billion) of point-of-sale transaction value in 2023 to 7% (S$11.4 billion) by 2027. Singapore is projected to join France, South Korea, the UK and the U.S., where the transaction value for cash is also forecast to fall below the 10% mark by 2027.

According to the research, Singaporeans are turning away from cash and toward cards and digital wallets at POS. Digital wallets — such as Apple Pay, GrabPay and DBS PayLah! — are expected to account for 44% (S$75 billion) of transaction value by 2027 up from 22% (S$33.6 billion) in 2023 and will overtake credit cards. Credit cards were consumers’ first choice as the leading payment method in terms of transaction value at POS in 2023, accounting for 37% (S$55 billion), while debit cards accounted for 20% of Singaporeans spend. Credit card use at POS is on pace fall to 29% (S$49 billion) by 2027. The report suggests that in traditionally card-heavy markets such as Singapore, overall credit and debit card spend isn’t declining but rather shifting to card-backed digital wallets such as Apple Pay and Google Pay.

“The payment landscape in Singapore continues to evolve and consumer adoption of alternative payment methods is greater than before. Cash is declining in Singapore as the use of digital wallets and QR codes are widely considered the norm and that’s a trend we’ll continue to see across APAC.” said Phil Pomford, General Manager, APAC, Worldpay. "Although the value of cash transactions continues to decline globally, it remains an important and necessary payment method for millions of people in APAC. Cash provides accessibility and comfort, especially for those in less digitally advanced economies and often those with an ageing population."

Singapore remains one of the leaders in cashless payment adoption in Southeast Asia, with the lowest cash POS transaction value in 2023 of 15% compared to Indonesia (38%), Malaysia (32%), the Philippines (44%), Thailand (46%) and Vietnam (38%).