Higher adoption of QR payments ramps up Singapore's cashless

Higher adoption of QR payments ramps up Singapore’s cashless transition
Staff Reporter
© Provided by Singapore Business Review
Increasing preference of Singaporean consumers for QR code payments will support the country’s transition to a cashless society, according to a report by data and analytics firm GlobalData.
The number of point-of-sale (POS) terminals in Singapore is set to increase to 316,695 by 2024 from about 254,469 in 2021, according to an analysis by GlobalData’s Payment Cards Analytics.
“Singapore merchants are increasingly turning to digital payments amidst COVID-19. The outbreak has accelerated the adoption of digital payments among smaller merchants as well, thereby supporting the Singapore government’s vision to become a ‘less-cash’ society,” said Nikhil Reddy, banking and payments analyst at GlobalData.

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