Singapore Cards and Payments: Opportunities and Risks to 2028

Singapore Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Singapore Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Singaporean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including card, cash, credit transfer, direct debits and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Singapore Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Singaporean cards and payments industry, including -

• Current and forecast values for each market in the Singaporean cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including card, cash, credit transfer, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Singaporean cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Singaporean cards and payments industry.

Key Highlights

• The government is playing its part in driving the acceptance of electronic payments among merchants in Singapore. Launched in April 2018, the Productivity Solutions Grant (PSG) initiative allows local businesses to receive subsidies on IT solutions and equipment that includes POS installations. Starting from April 1, 2023, SMEs can receive up to 50% funding support once their PSG application is approved. Businesses that applied for PSG funding before March 31, 2023 were entitled to receive up to 70% funding. PSG covers companies operating in various industries, such as food and beverages, logistics, retail, and ecommerce.
• As buy now pay later (BNPL) gains traction, concerns have emerged, such as BNPL services encouraging impulse purchases and concerns of over-indebtedness. In response, the Singapore Fintech Association partnered with industry players-such as Grab, ShopBack, and Atome-to launch a BNPL Code of Conduct which has been effective since November 1, 2022 and includes guidelines on fees, interest rates, and marketing practices to not mislead consumers. To prevent consumers from accumulating debt, BNPL providers will not allow consumers to make further BNPL purchases once a payment is overdue. In addition, customers cannot accumulate more than SGD2,000 ($1,489.07) in outstanding payments unless they pass an additional assessment to review their creditworthiness.
• To support the city-state’s ecommerce market, in July 2023, Amazon launched the ecommerce export program Amazon Global Selling Singapore Cross-border Brand Launchpad in partnership with Enterprise Singapore (EnterpriseSG) and the Singapore Business Federation. This program aims to support the country's growing ecommerce market by assisting over 100 local SMEs in Singapore to establish and expand their brands in the US. Furthermore, it seeks to provide a comprehensive understanding of cross-border ecommerce to at least 300 Singaporean companies through a long-term knowledge collaboration.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Singapore along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including card, cash, credit transfer, direct debits and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Singaporean cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Singaporean cards and payments industry.
• Assess the competitive dynamics in the Singaporean cards and payments industry.
• Gain insights into marketing strategies used for various card types in Singapore.
• Gain insights into key regulations governing the Singaporean cards and payments industry.