Market Research Report
Consumer Payments Country Snapshot: Singapore 2016
|Published by||GlobalData||Product code||482936|
|Published||Content info||41 Pages
|Consumer Payments Country Snapshot: Singapore 2016|
|Published: March 23, 2017||Content info: 41 Pages||
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.
Payment cards: 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.
Remote payments: High internet and smartphone penetration among Singaporean consumers has positioned the market for strong growth in online commerce. M-commerce has fueled significant growth in online commerce over the last five years, and is set to grow further over the forecast period.
Contactless payments: Acceptance of contactless cards in Singapore is high. In 2009 the government launched the Contactless e-Purse Application Standard (CEPAS), which laid the groundwork for contactless in the market. Since then contactless functions have become ubiquitous.
The report "Consumer Payments Country Snapshot: Singapore 2016" examines the consumer payments market in Singapore, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.
In depth, it provides the following -
Companies mentioned in this report: DBS, OCBC, Citibank, United Overseas Bank, HSBC, American Express, Mastercard, Visa, NETS.