Credit card usage to decline as Singapore consumers become more debt-averse

SINGAPORE (Dec 6): Credit cards may be Singapore’s most popular payment method at the moment, but possibly not for long.

According to Worldpay’s Global Payments Report 2016, although credit cards currently enjoy a 60% share of Singapore’s payments market, this figure is set to collapse by a significant 24 percentage points in 2020.

In a Monday release, the payment processing company says such an indication of growing credit-wariness could be sympathetic of a wider political push to help consumers avoid debt.

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