Singapore Cards and Payments – Opportunities and Risks to 2027

How will the ‘Singapore Cards and Payments Market’ help you achieve your business goals? The report’s in-depth analysis and market insights will enable you to:

• Make strategic business decisions, using top-level historical and forecast market data, related to the Singapore cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Singapore cards and payments industry.
• Assess the competitive dynamics in the Singapore cards and payments industry.
• Gain insights into marketing strategies used for various card types in Singapore.
• Gain insights into key regulations governing the Singapore cards and payments industry.

How is the ‘Singapore Cards and Payments Market’ report different from other reports in the market?

Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade. Anticipate market changes and develop risk management strategies with the following data:

• Current and forecast values for each market in the Singapore cards and payments industry, including debit, credit, and charge cards.
• Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques, and mobile wallets. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the Singapore 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.
• Competitive landscape of the Singapore cards and payments industry.

We recommend this valuable source of information to anyone involved in:

• Regulatory Agency/Procurement Managers/ M&A and Investment Consultants
• Strategy, Marketing, and Business Development
• Digital payment companies/Insurance Companies
• Technology Leaders and Startups
• Cyber Security Managers for Banks
• Product Development Directors
• Professional Services /Sales & Marketing Director
• Banks – Industry/Commercial/Retail/Private/Government/International
• E-commerce Firms, PE/VC Firms

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Singapore Cards and Payments Market Overview

The Singapore cards and payments market size is estimated to be $107.3 billion in 2023. The market is expected to achieve a CAGR of more than 8% during 2023-2027. Consumers are increasingly adopting electronic payment due to the government’s financial inclusion initiatives. Payment cards are the preferred method of electronic payment in Singapore in 2023. In addition, contactless payments have gained mainstream traction due to major banks offering this technology and retailers’ supporting infrastructure.  Such supporting factors are anticipated to drive the Singapore cards and payment market during the forecast period.

Singapore Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Singapore cards and payments market research report provides a detailed analysis of market trends in the Singapore cards and payments industry. It provides values and volumes for several key performance indicators in the industry cards, credit transfers, direct debits, and cheques during the review period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also covers details of regulatory policy and recent changes in the regulatory structure. It includes information on the payment instruments that are in use in the Singapore market, the key segments within the market, as well as the companies associated with the Singapore cards and payments market.

Singapore Cards and Payments Market Dynamics

The growth in the payment card market during 2019–23e was characterized by the rise of contactless payments, a surge in credit and charge card payments, and the increasing use of mobile wallets. Furthermore, efforts from the government, financial authorities, and banks to ensure a robust banked population, a high level of awareness of electronic payments, and a developing payment acceptance infrastructure have encouraged consumers to use electronic payment methods for day-to-day transactions thereby driving the market growth during the forecast period.

Subsequently, strong growth was seen in instant payments as both consumers and businesses increasingly used online and mobile banking to make payments and transfer funds. Meanwhile, developments such as contactless payments, the emergence of digital-only banks, and a rising preference for mobile point-of-sale (POS) solutions are expected to drive electronic payments in the country. However, the economy will be impacted by rising inflation and ongoing geopolitical uncertainty.

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Singapore Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Singapore cards and payments market are cards, cash, credit transfers, mobile wallets, direct debits, and cheques. Credit transfers lead the market in 2023, in terms of value. High-value and urgent credit transfers are processed via the MAS Electronic Payment System, which operates on a real-time gross settlement basis. Moreover, low-value credit transfers are processed via the Singapore Automated Clearing House’s Interbank GIRO system, which enables consumers to transfer funds.

Additionally, cards account for more than half of the transaction volume in the Singapore cards and payments market. The growing digitalization of banking services and the increased convenience of contactless technology have supported the growth of card-based transactions in the country. The COVID-19 pandemic has also aided the growth of card payments, driven by the surge in contactless and e-commerce payments.

Singapore Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Singapore Cards and Payments Market Segments

The key segments in the Singapore cards and payments market are card-based payments, merchant acquiring, e-commerce payments, in-store payments, Buy Now Pay Later (BNPL), alternative payments, and others.

E-commerce Payments: The e-commerce market in Singapore is well developed, and supported by the country’s robust technology infrastructure, which ensures the availability of high-speed internet as well as a strong supply of tech-savvy customers. Also, online shopping events such as Black Friday and Cyber Monday have supported e-commerce growth. Meanwhile, the Great Singapore Sale event – which was previously only for in-store retailers – is being extended to e-commerce platforms such as Lazada, Shopee, and Qoo10.

Singapore Cards and Payments Market - Competitive Landscape

Some of the leading players in the Singapore cards and payments market are PayPal, Apple Pay, Samsung Pay, DBS, UB, OCBC Bank, Citibank, Standard Chartered, HSBC, and Maybank among others.

PayPal: It is a money transfer and e-commerce payment provider that supplies a flexible and private payment service with free accounts. PayPal allows users to link their debit and credit cards with their PayPal account to make online payments. In addition, users can also use their PayPal wallet balance for payments.

Singapore Cards and Payments Market Analysis by Players, 2023

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Segments Covered in the Report

Singapore Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

• Cards
• Cash
• Credit transfers
• Mobile wallets
• Direct debits
• Cheques

Singapore Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

• Card-Based Payments
• Merchant acquiring
• E-commerce Payments
• In-Store Payments
• Buy Now Pay Later
• Alternative Payments