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Singapore Cards and Payments: Opportunities and Risks to 2028

Publisher GlobalData
Published Nov 26, 2024
Length 99 Pages
SKU # GBDT19429898

Description

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.

Table of Contents

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