Payments Landscape in Singapore: Opportunities and Risks to 2022

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GlobalData’s "Payments Landscape in Singapore: Opportunities and Risks to 2022", 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 cash, cards, credit transfers, direct debits, and cheques during the review-period (2014-18e).

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 (2018e-22f). 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.

This 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 cash, cards, credit transfers, direct debits, and cheques. 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 Singaporean cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

– In November 2017 the Singapore Payments Council announced the development of SGQR, a common standard for QR code payments that is designed to work across all schemes, e-wallets, and banks in the market. The new payment system – which was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Info-communications Media Development Authority – was officially launched in September 2018. For consumers the new standard means that any QR code-based service they choose should be able to be used at any merchant, simplifying the purchasing experience and thus boosting electronic and mobile payments.

– Contactless has become a mainstream payment method in Singapore, with banks, retailers, transport systems, and universities embracing the technology. Banks in Singapore have been at the forefront, with DBS Bank, United Overseas Bank (UOB), OCBC Bank, Citibank, and Standard Chartered Bank all offering contactless cards. On November 30, 2018 the Land Transport Authority expanded the trial of its account-based ticketing system for contactless public transport payments to Visa and NETS. The system enables users to tap their contactless credit or debit card on bus or MRT fare readers to pay for public transport. The NETS pilot will be open to users with a NETS contactless bank card from DBS Bank/POSB Bank, OCBC Bank, or UOB. The system has already been tested with Mastercard in a pilot project that involved more than 100,000 participants, with over 26 million trips made using the new system.

– To offer instant payments, peer-to-peer (P2P) fund transfer service PayNow was launched in July 2017. The service is available to customers of Citibank, DBS Bank/POSB Bank, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, UOB, Bank of China, and ICBC. Customers of these banks can send and receive Singapore dollar funds from one bank to another instantly through Fast and Secure Transfers (FAST), using just their mobile number or National Registration Identity Card number. In addition, in August 2018 PayNow Corporate was launched for businesses. The service enables businesses to pay and receive funds in domestic currency instantly by linking their respective Unique Entity Number to their Singapore bank account. To further enhance the customer experience, a QR code option is also available to give businesses more channels through which to receive payments.

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.

DBS Bank
United Overseas Bank
OCBC Bank
Citibank
Standard Chartered Bank
HSBC
Maybank
NETS
Visa
Mastercard
American Express
Diners Club
China UnionPay
JCB

Table of Contents

Table of Contents

Market Overview

Executive Summary

Card-based Payments

Merchant Acquiring

E-commerce Payments

Mobile Proximity Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation

Appendix

Frequently asked questions

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