Singapore Cards & Payments: Opportunities and Risks to 2023
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Singapore Cards & Payments: Opportunities and Risks to 2023
Singapore Cards & Payments: Opportunities and Risks to 2023 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 (2015-19e).
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 (2019e-23f). It also offers information on the countrys competitive landscape, including market shares of issuers and schemes.
The report brings together 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.
Singapore Cards & Payments: Opportunities and Risks to 2023 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 countrys 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 a bid to promote electronic payments, the Association of Banks of Singapore introduced a P2P transfer service called PayNow in June 2017, which enables interbank transfers using mobile phone numbers. PayNow allows senders to make fund transfers via FAST using just the recipients mobile number or NRIC number. The service is available to customers of Bank of China, Citibank, DBS Bank, HSBC, ICBC, Maybank, OCBC Bank, Standard Chartered and UOB. In addition, in August 2018 PayNow Corporate was launched for businesses, which 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.
- In May 2019, the central banks MAS and Bank of Canada are leveraging the use of blockchain technology for cross-border payments. Both central banks have sent digital currencies using blockchain technology to make cross-border payments cheaper, faster and safer. To facilitate the payment, MASs domestic payment network, Project Ubin, was linked up with Project Jasper (its Canadian counterpart). Meanwhile, part of the test was done in partnership with Accenture and JPMorgan Chase.
- To offer online buyers easy and convenient payment options, shoppers are offered a pay later instalment facility. In July 2019, the Singaporean e-commerce platform Shopee, in collaboration with Wirecard, introduced an instalment payment plan enabling consumers to purchase big-ticket products and pay in fixed monthly instalments for a period of 6 or 12 months. Furthermore, to capitalize on growing e-commerce, in October 2019 Amazon launched the local version of its online marketplace, Amazon.sg, enabling users to access international goods as well as products from local SMEs. Previously, shoppers could only access Amazon.com with lesser availability for shipping to Singapore, along with high shipping fees.
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.
Singapore Cards & Payments: Opportunities and Risks to 2023 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 (2015-19e).
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 (2019e-23f). It also offers information on the countrys competitive landscape, including market shares of issuers and schemes.
The report brings together 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.
Singapore Cards & Payments: Opportunities and Risks to 2023 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 countrys 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 a bid to promote electronic payments, the Association of Banks of Singapore introduced a P2P transfer service called PayNow in June 2017, which enables interbank transfers using mobile phone numbers. PayNow allows senders to make fund transfers via FAST using just the recipients mobile number or NRIC number. The service is available to customers of Bank of China, Citibank, DBS Bank, HSBC, ICBC, Maybank, OCBC Bank, Standard Chartered and UOB. In addition, in August 2018 PayNow Corporate was launched for businesses, which 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.
- In May 2019, the central banks MAS and Bank of Canada are leveraging the use of blockchain technology for cross-border payments. Both central banks have sent digital currencies using blockchain technology to make cross-border payments cheaper, faster and safer. To facilitate the payment, MASs domestic payment network, Project Ubin, was linked up with Project Jasper (its Canadian counterpart). Meanwhile, part of the test was done in partnership with Accenture and JPMorgan Chase.
- To offer online buyers easy and convenient payment options, shoppers are offered a pay later instalment facility. In July 2019, the Singaporean e-commerce platform Shopee, in collaboration with Wirecard, introduced an instalment payment plan enabling consumers to purchase big-ticket products and pay in fixed monthly instalments for a period of 6 or 12 months. Furthermore, to capitalize on growing e-commerce, in October 2019 Amazon launched the local version of its online marketplace, Amazon.sg, enabling users to access international goods as well as products from local SMEs. Previously, shoppers could only access Amazon.com with lesser availability for shipping to Singapore, along with high shipping fees.
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
Card-based Payments
Merchant Acquiring
E-commerce Payments
Mobile Proximity Payments
P2P Payments
Bill Payments
Alternative Payments
Payment Innovations
Payments Infrastructure & Regulation
Appendix
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