Singapore Cards and Payments - Opportunities and Risks to 2024
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Singapore Cards and Payments - Opportunities and Risks to 2024
Summary
GlobalDatas Singapore Cards and Payments - Opportunities and Risks to 2024 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 (2016-20e).
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 (2020e-24f). It also offers information on the countrys competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the 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 and credit 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 and credit cards.
Scope
- 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 23 banks and five NFIs, including ANZ, Bank of China, BNP Paribas, CIMB, Citibank, Deutsche Bank, ICBC, Standard Chartered, Maybank, OCBC, United Overseas Bank (UOB), HSBC, GPay Network, Liquid Group, MatchMove Pay, SingCash, and TransferWise.
- 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 - a consortium of Singtel and Grab; Sea Limited; Ant Financial; and a consortium of Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management .There are two types of digital banking licenses - a digital full bank license and a digital wholesale bank license. The former allows entities to serve both retail and corporate segments by offering products such as bank accounts, deposits, debit cards, and credit cards. Meanwhile, the latter allows entities to serve only corporates and SMEs. All four new digital banks are expected to commence operations from early 2022.
- Singaporeans have increasingly spent online using credit cards amid COVID-19. OCBC reported that card spend at online supermarkets doubled followed by a 50% increase in spending on both online food deliveries and video/music subscriptions between January and March 2020 compared to the same period of 2019. UOB reported a 50% increase in online grocery shopping - and its credit card holders spent 42% more on online food orders and deliveries and 38% more on ecommerce purchases - over a similar period. Citibank and Standard Chartered also reported increases in online credit card spending. The MAS noted that while consumers in Singapore have increasingly used credit cards for daily essentials, travel and big-ticket items like luxury goods and furniture have taken significant hits due to the pandemic.
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.
Summary
GlobalDatas Singapore Cards and Payments - Opportunities and Risks to 2024 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 (2016-20e).
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 (2020e-24f). It also offers information on the countrys competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the 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 and credit 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 and credit cards.
Scope
- 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 23 banks and five NFIs, including ANZ, Bank of China, BNP Paribas, CIMB, Citibank, Deutsche Bank, ICBC, Standard Chartered, Maybank, OCBC, United Overseas Bank (UOB), HSBC, GPay Network, Liquid Group, MatchMove Pay, SingCash, and TransferWise.
- 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 - a consortium of Singtel and Grab; Sea Limited; Ant Financial; and a consortium of Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management .There are two types of digital banking licenses - a digital full bank license and a digital wholesale bank license. The former allows entities to serve both retail and corporate segments by offering products such as bank accounts, deposits, debit cards, and credit cards. Meanwhile, the latter allows entities to serve only corporates and SMEs. All four new digital banks are expected to commence operations from early 2022.
- Singaporeans have increasingly spent online using credit cards amid COVID-19. OCBC reported that card spend at online supermarkets doubled followed by a 50% increase in spending on both online food deliveries and video/music subscriptions between January and March 2020 compared to the same period of 2019. UOB reported a 50% increase in online grocery shopping - and its credit card holders spent 42% more on online food orders and deliveries and 38% more on ecommerce purchases - over a similar period. Citibank and Standard Chartered also reported increases in online credit card spending. The MAS noted that while consumers in Singapore have increasingly used credit cards for daily essentials, travel and big-ticket items like luxury goods and furniture have taken significant hits due to the pandemic.
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
Payment Instruments
Card based Payments
Merchant Acquiring
Ecommerce Payments
Buy Now Pay Later
Mobile Proximity Payments
P2P Payments
Bill Payments
Alternative Payments
Job Analysis
Payment Innovations
Payment Infrastructure & Regulation
Appendix
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