Singapore Government Ranks Eighth Globally in E-Payments Adoption

A study commissioned by Visa has ranked the  government eighth among 73 countries in terms of e-payments adoption, behind countries such as South Korea, Australia, and Denmark.

Singapore has been ranked eighth overall in the 2018 E-Payments Ranking (GEAR), according to a study by the Economist Intelligence Unit (EIU) commissioned by Visa published on Friday.

The report, which follows earlier editions from 2007 and 2011, looks at how countries around the world have enabled the adoption of e-payments according to seven criteria: transactions between citizen-to-government (C2G), government-to-citizen (G2C), business-to-government (B2G), government-to-business (G2B), as well as the infrastructure, socio-economic and policy environments to enable e-payments.

Forward-Looking Government

«We have a very forward-looking government in Singapore and there are many initiatives that they have introduced to promote the country in becoming a smart nation. Today, Singapore has become one of the most developed countries in terms of e-payments adoption and coming in the top 10 is further testament to the government’s success,» Kunal Chatterjee, Visa Country Manager for Singapore & Brunei, said.

Singapore, with an aggregate score of 87.6, was ranked eighth overall and eighth in the C2G and G2C category, fifth in infrastructure, and 12th in socio-economic environment. It scored a perfect 100 in the B2G category, Australia, Canada, France, Germany and Malaysia, due to its initiatives in the payments space, in particular the digital portals available for businesses to calculate, file and pay their taxes (both income and VAT).

Norway, the overall leader, received an aggregate score of 89.7. In Asia-Pacific, Singapore was pipped by Australia (fifth) and South Korea (seventh).

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