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.


  • Executive Summary
  • Market Overview
    • Table Singapore: Key facts, 2024e
    • Table Singapore: Benchmarking of payment cards, 2024e
  • Payment Instruments
    • Instant Payments
  • Card-Based Payments
    • Payment Cards: Market Sizing and Forecasting
    • Payment Cards: Market by Product and Service Type
    • Debit Cards: Market Sizing and Forecasting
    • Debit Cards: Schemes
    • Debit Cards: Issuers
    • Credit and Charge Cards: Market Sizing and Forecasting
    • Credit and Charge Cards: Schemes
    • Credit and Charge Cards: Issuers
    • Credit Card Debt
    • Prepaid Cards: Market Sizing and Forecasting
    • Contactless Cards: Card Holding
  • Merchant Acquiring
    • Acquiring and Processing
    • Retail: Market Sizing and Forecasting
  • Ecommerce Payments
    • Ecommerce: Market Sizing and Forecasting
    • Ecommerce: Market by Products and Services
    • Ecommerce: Market by Payment Tool
  • In-Store Payments
    • In-Store Payments: Market by Payment Tools
    • In-Store Payments: Market by Products and Services
  • Buy Now Pay Later
    • Buy Now Pay Later: Online Purchasing
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
    • Alternative Payments: Payment Solutions
  • Payment Innovations
  • Job Analysis
  • Payment Infrastructure and Regulation
    • POS Terminals and ATMs
    • Regulatory Environment
  • Appendix
    • Table Singapore: payment instrument transaction values (SGD billions), 2020-28f
    • Table Singapore: payment instrument transaction values ($ billions), 2020-28f
    • Table Singapore: payment instrument transaction volumes (millions), 2020-28f
    • Table Singapore: payment cards in circulation by type (millions), 2020-28f
    • Table Singapore: volume of payment card transactions (millions), 2020-28f
    • Table Singapore: value of payment card transactions (SGD billion), 2020-28f
    • Table Singapore: value of payment card transactions ($ billions), 2020-28f
    • Table Singapore: debit cards in circulation (millions), 2020-28f
    • Table Singapore: debit card transaction volumes, 2020-28f
    • Table Singapore: debit card transaction values (SGD), 2020-28f
    • Table Singapore: debit card transaction values ($), 2020-28f
    • Table Singapore: debit cards in circulation by scheme (millions), 2020-24e
    • Table Singapore: debit card transaction values by scheme (SGD billions), 2020-24e
    • Table Singapore: debit card transaction values by scheme ($ billions), 2020-24e
    • Table Singapore: debit cards in circulation by issuer (000s), 2020-24e
    • Table Singapore: debit cards transaction value by issuer (SGD billions), 2020-24e
    • Table Singapore: debit cards transaction value by issuer ($ billions), 2020-24e
    • Table Singapore: credit and charge cards in circulation (millions), 2020-28f
    • Table Singapore: credit and charge card transaction volumes, 2020-28f
    • Table Singapore: credit and charge card transaction values (SGD), 2020-28f
    • Table Singapore: credit and charge card transaction values ($), 2020-28f
    • Table Singapore: credit and charge cards in circulation by scheme (000s), 2020-24e
    • Table Singapore: credit and charge card transaction values by scheme (SGD billions), 2020-24e
    • Table Singapore: credit and charge card transaction values by scheme ($ billions), 2020-24e
    • Table Singapore: credit and charge cards in circulation by issuer (000s), 2020-24e
    • Table Singapore: credit and charge cards transaction value by issuer (SGD billions), 2020-24e
    • Table Singapore: credit and charge cards transaction value by issuer ($ billions), 2020-24e
    • Table Singapore: credit cards in circulation (millions), 2020-28f
    • Table Singapore: credit card transaction volumes, 2020-28f
    • Table Singapore: credit card transaction values (SGD), 2020-28f
    • Table Singapore: credit card transaction values ($), 2020-28f
    • Table Singapore: credit cards in circulation by scheme (000s), 2020-24e
    • Table Singapore: credit card transaction values by scheme (SGD billions), 2020-24e
    • Table Singapore: credit card transaction values by scheme ($ billions), 2020-24e
    • Table Singapore: charge cards in circulation (000s), 2020-28f
    • Table Singapore: charge card transaction volumes, 2020-28f
    • Table Singapore: charge card transaction values (SGD), 2020-28f
    • Table Singapore: charge card transaction values ($), 2020-28f
    • Table Singapore: charge cards in circulation by scheme (000s), 2020-24e
    • Table Singapore: charge card transaction values by scheme (SGD millions), 2020-24e
    • Table Singapore: charge card transaction values by scheme ($ millions), 2020-24e
    • Table Singapore: prepaid cards in circulation (millions), 2020-28f
    • Table Singapore: prepaid card transaction values (SGD billions), 2020-28f
    • Table Singapore: prepaid card transaction values ($ billions), 2020-28f
    • Table Singapore: merchant acquiring transaction volume (millions), 2020-28f
    • Table Singapore: merchant acquiring transaction value (SGD billions), 2020-28f
    • Table Singapore: merchant acquiring transaction value ($ billions), 2020-28f
    • Table Singapore: acquirers' transaction volume (millions), 2020-24e
    • Table Singapore: acquirers' transaction value (SGD billions), 2020-24e
    • Table Singapore: acquirers' transaction value ($ billions), 2020-24e
    • Table Singapore: retail outlets and card-accepting merchants (000s), 2020-28f
    • Table Singapore: debit card average interchange fees (%), 2020-24e
    • Table Singapore: credit and charge card average interchange fees (%), 2020-24e
    • Table Singapore: debit card merchant service charge and interchange fee (%), 2020-28f
    • Table Singapore: credit and charge card merchant service charge and interchange fee (%), 2020-28f
    • Table Singapore: retail market by product categories (SGD billion), 2020-28f
    • Table Singapore: retail market by product categories ($ billion), 2020-28f
    • Table Singapore: retail market by service categories (SGD billions), 2019-23
    • Table Singapore: retail market by service categories ($ billions), 2019-23
    • Table Survey sample size across countries

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