Cashless payments have overtaken the use of cash in Singapore for the first time with nearly 97 per cent of the country using bankcards as the preferred mode of payments. As of 2023, nearly 33 per cent of riders on Singapore’s public transport use contactless cards while 28 per cent of the passengers on taxis and ridesharing use this mode.

The use of mobile contactless payments and QR code payments has also been on an uprise with nearly 50 per cent of the residents using these methods.

The Government of Singapore also plans to extend cashless payments to pay for electric vehicle (EV) charging in the future.