COVID-19 ACCELERATES THE SHIFT TO DIGITAL PAYMENTS IN SINGAPORE

Image Source COVID-19 accelerates the shift to digital payments in Singapore The COVID-19 pandemic has accelerated Singapore's push to digital payments, with a rise in card payments and a decline in cash usage, according to GlobalData, a leading data, and analytics company. GlobalData estimates total card transactions (POS and ATM) in Singapore to grow marginally by 0.4% in 2020, compared to 7.8% growth in 2019. While card payments (POS) is forecasted to grow by 2.5% in 2020 to reach S$114.7bn (US$85.3bn), cash withdrawals at ATM are forec…