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A FIS Global Payments Report 2023 found that in terms of monetary value, credit cards accounted for 36 per cent of all point-of-sale (POS) transactions made in Singapore in 2022, followed by debit cards at 21 per cent and cash at 19 per cent.

Credit cards were used in 42 per cent of e-commerce transactions, although digital wallets came in a close second at 32 per cent. Debit cards trailed at 11 per cent, with cash on delivery accounting for just 1 per cent of the total transaction value.