Consumer Payments Country Snapshot: Singapore 2016
Singapore has a very well-developed payments system, with strong penetration of all forms of payment cards and healthy growth over the past few years. 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, which will be crucial in driving consumers away from cash, which remains popular in the country.
This 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. This report also examines the main regulatory players in the Singaporean market.
- 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 China 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.
- Payment card penetration has grown at a healthy pace, especially for credit cards. With 92% of consumers owning a current account and 72% a credit card the market has matured, and we expect to see very slow growth in both the debit and credit card spaces going forward.
- High internet and smartphone penetration among Singaporean consumers has positioned the market for strong growth in online commerce.
- Acceptance of contactless cards is high in Singapore, due in part to government initiatives, but while consumers appreciate the benefits of the technology there is little genuine enthusiasm.
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 Singapore market and use this knowledge to inform product design.
Table of Contents
Payments Infrastructure & Regulation
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