Singapore Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q2 2024 Update

Singapore Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q2 2024 Update

According to PayNXT360, BNPL payments in the country are expected to grow by 13.5% on an annual basis to reach US$1,195.7 million in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 8.8% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$1,053.3 million in 2023 to reach US$1,825.1 million by 2029.

Key Developments in the BNPL Sector in Singapore
In the past few months, Singapore’s Buy Now, Pay Later (BNPL) sector has seen several significant product launches:
• Atome's BNPL Card: Atome, a leading BNPL provider in Singapore, has reported notable growth in its BNPL card offerings. The company has experienced a monthly growth rate exceeding 20% in its cardholder base, reflecting strong consumer interest. Atome is focused on enhancing its BNPL card by increasing credit limits while maintaining responsible lending practices. This initiative aims to broaden the use of BNPL for various expenses, including utility bills and e-commerce purchases.
• Embedded Insurance Products: Atome Financial, in collaboration with Chubb, is set to launch two insurance products in Singapore: Bill Secure and Shopping Secure. This move is part of Atome’s strategy to diversify its services and offer additional value to its BNPL customers through embedded insurance solutions.
• Expansion of E-commerce Partnerships: Atome also aims to expand its e-commerce partnerships, particularly with platforms like Lazada. This expansion seeks to improve the accessibility of BNPL services for online shoppers, reflecting the growing trend of integrating BNPL options at checkout across various retail platforms.
These product launches and initiatives highlight a robust expansion strategy within Singapore’s BNPL sector, driven by rising consumer demand for flexible payment solutions.

Strategic Partnerships

Over the past few months, several important partnerships have emerged in Singapore's Buy Now, Pay Later (BNPL) sector. Notable collaborations include:
• Visa and Standard Chartered Bank: In December 2023, Visa teamed up with Standard Chartered Bank to extend BNPL solutions to the bank’s credit cardholders in Singapore and Malaysia. This partnership aims to enable eligible consumers to use Visa's installment payment solution at participating stores and e-commerce merchants, thereby improving access to BNPL services.
• Atome and Retail Partners: Atome has been forming alliances with retailers to integrate BNPL services into their platforms. This strategy enhances the shopping experience by offering flexible payment options at checkout across a range of retail categories.
• Grab and E-commerce Platforms: Grab has expanded its Grab PayLater service through partnerships with multiple e-commerce platforms. This integration allows users to use BNPL options while shopping online, aiming to boost transaction volumes and improve customer retention.
• Singtel and Retailers: Singtel has introduced its BNPL service, Singtel PayLater, enabling consumers to purchase mobile phones, home appliances, and personal electronics in interest-free installments. This service is part of Singtel’s broader strategy to enhance its digital payment offerings and attract more customers.
These partnerships illustrate the increasing collaboration between BNPL providers, retail, and financial institutions in Singapore, aimed at broadening the reach and adoption of BNPL services among consumers.

Mergers and Acquisitions

Recent months have seen several significant mergers and acquisitions in Singapore's Buy Now, Pay Later (BNPL) sector:
• Atome's Acquisition of Hoolah: In September 2023, Atome, a prominent BNPL provider in Singapore, announced its acquisition of Hoolah, a competing BNPL company. By integrating Hoolah's merchant partnerships and technology, Atome aims to strengthen its market position and expand its customer base.
• Grab's Strategic Investments: While not involving a direct acquisition, Grab has made substantial investments to expand its BNPL services through partnerships with various retailers and e-commerce platforms. This approach seeks to enhance its GrabPay Later service and increase its market share in the BNPL sector.
These developments highlight a competitive landscape in Singapore’s BNPL sector, marked by strategic acquisitions and partnerships to expand service offerings and market reach. With the BNPL market projected to grow to approximately $1.5 billion by 2024, further consolidation is likely as companies seek to capitalize on the expanding e-commerce ecosystem.

Regulatory Changes

• In the past few months, the Monetary Authority of Singapore (MAS) has implemented several measures to regulate the Buy Now, Pay Later (BNPL) sector:
• Industry Code of Conduct: MAS collaborated with the BNPL industry to establish a code of conduct that outlines clear requirements to protect consumers from excessive borrowing risks. This code aligns with MAS’s existing regulations for unsecured credit products.
• Independent Assessor and Accreditation Trustmark: An independent assessor will evaluate and verify BNPL providers' adherence to the code. Compliant firms will receive an accreditation trustmark and be listed in a BNPL registry, helping consumers identify providers that have implemented necessary safeguards.
• Monitoring and Potential for Stricter Regulation: MAS will monitor compliance with the code closely and be notified if a provider loses its Trustmark due to breaches. The regulator has indicated that it may consider stronger regulatory measures if necessary.
• Proportionate Approach: MAS believes that an industry-led code, which aligns with its expectations, is an effective way to promote compliance. It argues that a more prescriptive regulatory approach could unduly restrict BNPL providers and limit consumer options. BNPL transactions accounted for only 1% of total debit and credit card payments 2022.
• In summary, MAS has adopted a balanced approach by working with the industry to develop a code of conduct while retaining the option to impose stricter regulations to protect consumers in the rapidly growing BNPL sector.


The BNPL payment industry in Singapore has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.