Payments in Singapore 2017: What Consumers Want
"Payments in Singapore 2017: What Consumers Want", report examines the consumer payments market in Singapore, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
Singapores payment card market is one of the most highly competitive and attractive in Asia Pacific. The payment card market is overserved, with debit and pay-later card penetration rates of 1.9 and 1.6 respectively per inhabitant in 2017. Improved banking infrastructure, new product developments, higher awareness of electronic payments, and the wider acceptance of payment cards at POS terminals have led to increased adoption of payment cards. However, due to the mature nature of the market, issuance is set to plateau going forward. Providers will need to shift their focus to encouraging increased use of payment cards; this will be crucial in driving consumers away from cash, which remains popular in the country.
Electronic payments in Singapore have steadily gained prominence, and the country has invested substantially in building long-term infrastructure for cashless payments. Widely available financial products, a competitive merchant marketplace, and a transparent business environment are strongly connected with progress towards a cashless society. The adoption of contactless technology, mobile payments, and chip-and-PIN technology has also supported the shift towards electronic payments.
It provides in-depth analysis of the following -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Singapore are deploying these tools to meet customer needs.
- Explores the online payment market in Singapore by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- In Singapore contactless technology has been extended to enable cash withdrawals at ATMs. UOB has launched an ATM that enables customers to withdraw cash by tapping their smartphone on the units screen. The first two contactless ATMs were deployed in Raffles Place and Alexandra in October 2016.
- In August 2017 the Payments Council took a decision to develop a common Singapore QR code system. The system will accept electronic payments from both domestic and international payment schemes, e-wallets, and banks.
- NETS was established in 1985 by a consortium of DBS Bank, OCBC Bank, and UOB. It is recognized by the Monetary Authority of Singapore as the national payment system.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in Singapore.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Singaporean market and use this knowledge to inform product design.
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