Credit cards on the decline in Singapore amid e-payment rise, tighter regulations

Even as mobile wallets such as GrabPay, Singtel Dash and DBS PayLah! are growing in popularity, banks are making more from credit cards. Billings totalled $5.1 billion in April this year, a jump from $5.05 billion in July last year, figures from the Mone
Even as mobile wallets such as GrabPay, Singtel Dash and DBS PayLah! are growing in popularity, banks are making more from credit cards. Billings totalled $5.1 billion in April this year, a jump from $5.05 billion in July last year, figures from the Monetary Authority of Singapore show. PHOTO: UOB
Aw Cheng Wei
China Correspondent
Updated
Jul 19, 2019, 04:44 PM
Published
Jul 18, 2019, 06:30 PM
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Credit cards are on the decline, a trend analysts attribute to tighter regulations to curb excessive debt and the growing use of e-payments.

But the income banks earn from credit cards continues to rise, a positive picture seen at all the three major local banks.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

ST One Digital

 $9.90/month

No contract

ST app access on 1 mobile device

Subscribe now

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

Available for
iPhones and iPads
Available in
Google Play

MCI (P) 066/10/2023. Published by SPH Media Limited, Co. Regn. No. 202120748H. Copyright © 2024 SPH Media Limited. All rights reserved.

Back to the top