Singapore Cards and Payments - Opportunities and Risks to 2027

Singapore Cards and Payments - Opportunities and Risks to 2027

Summary

GlobalData’s ‘Singapore Cards and Payments - Opportunities and Risks to 2027' report provides detailed analysis of market trends in Singapore's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, direct debits, credit transfers, cheques, and mobile wallets during the review-period (2019-23e).

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 (2023e–27f). 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.

This report provides top-level market analysis, information and insights into Singapore's cards and payments industry, including -

• Current and forecast values for each market in Singapore's cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques, and mobile wallets. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing Singapore's 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 Singapore's cards and payments industry.

Scope

• The government is playing its part to drive acceptance of electronic payments among merchants in Singapore. The Productivity Solutions Grant (PSG) is one such initiative, through which local businesses can receive subsidies on 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 industries such as food and beverages, logistics, retail, landscaping, and ecommerce.
• Contactless payments are gradually being accepted for transport fares. In March 2022, the LTA ceased the sale of standard tickets (the paper fare tickets purchased for single or return rail trips) at Mass Rapid Transit stations. Commuters can use stored value cards such as EZ-Link cards, or contactless payments cards and mobile wallets to make fare payments. Meanwhile, to offer enhanced convenience to consumers, in April 2023, the LTA announced it will combine the TransitLink and EZ-Link ticketing and travel card services into a single platform, allowing commuters to make contactless payments for trips via a single mobile app called SimplyGo. The merger is expected to be completed in H2 2024.
• Buy now pay later (BNPL) services are gradually gaining prominence in Singapore. To capitalize on this trend, Apple launched its BNPL solution Apple Pay Later in the city-state in June 2022. Consumers can choose from two options: Apple Pay Monthly Installments and Apple Pay in 4. The solution can be used for both in-store and online purchases. Meanwhile, third-party payment services providers such as Hoolah, Rely, OctiFi, Pace, and Atome are also gradually gaining prominence. As per the Monetary Authority of Singapore (MAS), BNPL transactions worth SGD440 million ($328.3 million) were made in 2021 – up significantly from SGD114 million ($85.1 million) in 2020.

Reasons to Buy


This report provides top-level market analysis, information and insights into Singapore's cards and payments industry, including -

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