Singapore Cards and Payments – Opportunities and Risks to 2025

Pages: 94 Published: July 15, 2022 Report Code: GDFS0624CI

GlobalData’s ‘Singapore Cards and Payments – Opportunities and Risks to 2025' 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 cards, cash, credit transfers, mobile wallet, direct debits and cheques during the review-period (2017-21e).

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 (2021e-25f). 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.

The 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 cards, cash, credit transfers, mobile wallet, 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.

Scope

– The banking space is likely to become more competitive, with the Monetary Authority of Singapore (MAS) allowing digital-only banks to operate in the country. In December 2020, it approved digital banking licenses for four entities. On June 2, 2022, China-based Ant Group received approval from MAS to commence the operations of its wholesale digital bank, ANEXT, in Singapore. ANEXT will launch its services in Q3 2022. Meanwhile, Green Link Digital Bank, an SME-focused wholesale digital bank, announced its soft launch in Singapore in June 2022. Digital-only bank GXS Bank (a joint venture between Grab and Singtel) and Sea are also gearing up to launch their digital banking services in the country by the end of 2022.

– Instant payments in Singapore are likely to grow further, with the government now permitting non-bank financial institutions (NFIs) to access banking retail payments infrastructure. NFIs that are licensed as major payment institutions under the Payment Services Act are now allowed to connect directly to Fast And Secure Transfers (FAST) and PayNow. The service is now offered by 26 banks and seven NFIs, including Bank of China, ICBC, Standard Chartered, OCBC, United Overseas Bank (UOB), HSBC, and Gpay Network.

– Contactless payments are gradually being accepted for transport fare payments. In December 2021, the Land Transport Authority, under the Ministry of Transport in Singapore, announced the phasing out of traditional paper tickets at Mass Rapid Transit (MRT) system stations by the end of March 2022, only allowing payments via digital modes such as contactless payment cards and mobile wallets. In December 2021, Singapore’s public transport operator SMRT launched its Unleash the Gates campaign in partnership with the Land Transport Authority, Transit Link, and Mastercard to encourage contactless transit payments. Commuters who registered their contactless bank card in the TL SimplyGo app and used it to make contactless transit payments during the campaign period of December 1, 2021 – January 18, 2022 were given reward points. The reward points could be redeemed for discounts on public transport fares or for making purchases at partner stores.

Reasons to Buy

The report provides top-level market analysis, information and insights into the Singaporean cards and payments industry, including –

– 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.

Key Players

DBS Bank

United Overseas Bank

OCBC Bank

Citibank

Standard Chartered

HSBC

Maybank

Table of Contents

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently Asked Questions

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