Singapore Cards and Payments: Opportunities and Risks to 2028

Description

List of Tables

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.

Product Code: GDFS0836CI

1. Executive Summary

2. Market Overview

3. Payment Instruments

4. Card-Based Payments

5. Merchant Acquiring

6. Ecommerce Payments

7. In-Store Payments

8. Buy Now Pay Later

9. Mobile Payments

10. P2P Payments

11. Bill Payments

12. Alternative Payments

13. Payment Innovation

14. Job Analysis

15. Payment Infrastructure and Regulation

16. Appendix

Product Code: GDFS0836CI

List of Tables

Key facts, 2024
Benchmarking of payment cards, 2024
Payment instrument transaction values (LCU), 2020-28f
Payment instrument transaction values ($), 2020-28f
Payment instrument transaction volumes (units), 2020-28f
Payment cards in circulation by type (units), 2020-28f
Volume of payment card transactions (units), 2020-28f
Value of payment card transactions (LCU), 2020-28f
Value of payment card transactions ($), 2020-28f
Debit cards in circulation (units), 2020-28f
Debit card transaction volumes, 2020-28f
Debit card transaction values (units), 2020-28f
Debit card transaction values ($), 2020-28f
Debit cards in circulation by scheme (units), 2020-24e
Debit card transaction values by scheme (LCU), 2020-24e
Debit card transaction values by scheme ($), 2020-24e
Debit cards in circulation by issuer (units), 2020-24e
Debit cards transaction value by issuer (LCU), 2020-24e
Debit cards transaction value by issuer ($), 2020-24e
Credit and charge cards in circulation (Units), 2020-28f
Credit and charge card transaction volumes, 2020-28f
Credit and charge card transaction values (units), 2020-28f
Credit and charge card transaction values ($), 2020-28f
Credit and charge cards in circulation by scheme (units), 2020-24e
Credit and charge card transaction values by scheme (units), 2020-24e
Credit and charge card transaction values by scheme ($), 2020-24e
Credit and charge cards in circulation by issuer (units), 2020-24e
Credit and charge cards transaction value by issuer (units), 2020-24e
Credit and charge cards transaction value by issuer ($), 2020-24e
Credit cards in circulation (units), 2020-28f
Credit card transaction volumes, 2020-28f
Credit card transaction values (LCU), 2020-28f
Credit card transaction values ($), 2020-28f
Credit cards in circulation by scheme (units), 2020-24e
Credit card transaction values by scheme (LCU), 2020-24e
Credit card transaction values by scheme ($), 2020-24e
Credit cards in circulation by issuer (units), 2020-24e
Credit cards transaction value by issuer (LCU), 2020-24e
Credit cards transaction value by issuer ($), 2020-24e
Charge cards in circulation (units), 2020-28f
Charge card transaction volumes, 2020-28f
Charge card transaction values (LCU), 2020-28f
Charge card transaction values ($), 2020-28f
Charge cards in circulation by scheme (units), 2020-24e
Charge card transaction values by scheme (LCU), 2020-24e
Charge card transaction values by scheme ($), 2020-24e
Prepaid cards in circulation (units), 2020-28f
Prepaid card transaction values (LCU), 2020-28f
Prepaid card transaction values ($), 2020-28f
Merchant acquiring transaction volume (units), 2020-28f
Merchant acquiring transaction value (LCU), 2020-28f
Merchant acquiring transaction value ($), 2020-28f
Acquirers' transaction volume (units), 2020-24e
Acquirers' transaction value (LCU), 2020-24e
Acquirers' transaction value ($), 2020-24e
Retail outlets and card-accepting merchants (units), 2020-28f
Debit card average interchange fees (%), 2020-24e
Credit and charge card average interchange fees (%), 2020-24e
Debit card merchant service charge and interchange fee (%), 2020-28f
Credit and charge card merchant service charge and interchange fee (%), 2020-28f
Retail market by product categories (LCU), 2020-28f
Retail market by product categories ($), 2020-28f
Retail market by service categories (LCU), 2019-23
Retail market by service categories ($), 2019-23

List of Figures

Inflation rate
GDP growth rate
Payment instruments transaction value and volume
Instant payments transaction value and volume
Card penetration
Card payments by value
Debit card frequency of payments and average transaction value
Debit card schemes transaction value and volume
Debit card issuers by number of cards and transaction value
Credit card frequency of payments and average transaction value
Credit card schemes transaction value and volume
Credit card issuers by number of cards and transaction value
Credit card debt
Prepaid Cards: Market Sizing and Forecasting
Contactless card holding and usage in detail
Merchant acquiring of payment card transaction value and volume
Merchant acquiring of payment card transaction value and volume by company type
Retail product by catagories transaction value and year-on-year grouth
Retail services by catagories transaction value and year-on-year grouth
E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
Ecommerce market by product and services
Ecommerce market by paymnet tools
Factors driving in-store payments and In-store transaction value by payment method
In-store transaction value by products and services
BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments
BNPL online transaction value and transaction volume
BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments
Mobile wallet holding and use by demographic
Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand
Domestic and international P2P money transfers
Paymnet tool preference for bill payment and bill paymnet frequency
Active jobs intensity in the country
Number of POS terminals and ATMs

Singapore Cards and Payments: Opportunities and Risks to 2028

Description

Table of Contents

List of Tables

Key Highlights

Scope

Reasons to Buy

Table of Contents

Table of Contents

1. Executive Summary

2. Market Overview

3. Payment Instruments

4. Card-Based Payments

5. Merchant Acquiring

6. Ecommerce Payments

7. In-Store Payments

8. Buy Now Pay Later

9. Mobile Payments

10. P2P Payments

11. Bill Payments

12. Alternative Payments

13. Payment Innovation

14. Job Analysis

15. Payment Infrastructure and Regulation

16. Appendix

List of Tables

List of Figures