Top Mobile Payment Service Providers in Singapore 2020 and their Reaction to the COVID-19 Crisis

"New yStats publication tells of increase in online payments in Singapore during pandemic."

The value of E-commerce is predicted to significantly increase by 2021 in Singapore

Singapore has one of the most developed E-Commerce markets in Southeast Asia as reported in several studies conducted in 2019 that are cited in the new yStats.com publication. Due to the pandemic in 2020 and its associated precautions, Singaporeans have preferred to make contactless payments. Therefore, the Singaporean E-Commerce keeps growing as merchants strive to shift to an online business model, which boosts E-Payment methods.

New partnerships of the top E-Payment service providers boost cashless payment

Top three online payment platforms of Singapore, DBS PayLah!, GrabPay and FavePay, partnered with merchants, transportation and lodging enterprises and banks to promote digital paying methods and support consumers with greater options of retail outlets, goods and services during the pandemic. This collaboration widened each of the platform's merchant and user base during the coronavirus health crisis, according to sources cited in the yStats.com report. .

Businesses were supported by the Singaporean government after the COVID-19 outbreak

Due to the financial challenges faced by business because of the health crisis, the government of Singapore initiated several supporting measures and grants to assist enterprises monetarily. The yStats.com report tells how the governmental organization that supports Singaporean companies' development also launched a program to help enterprises convert from a brick-and-mortar model to online sales or services.

Covered Regions:

Asia Pacific.

Companies Mentioned:

DBS Bank Ltd., Grab Holdings Inc, FavePay Group Pte Ltd.

Table of Contents

1. Management Summary

2. Overview

• COVID-19's Impact on Mobile Payment Services, November 2020
• Consumers Who Used E-Wallets, in Malaysia, Singapore, Thailand and The Philippines, in % of Consumers, 2020
• Consumers Who Lowered the Frequency of Cash Usage, in % of Consumers, in Singapore, Thailand and The Philippines, June 2020
• B2C E-Commerce Market Value, in SGD billion, and Year-On-Year Change, in %, 2015-2024f
• Share of Digital Wallets Usage, in % of Transactions Value, 2019 & 2021f
• Share of Mobile Commerce Sales Volume, in % of Transactions Volume, 2019
• Preference in Payment Method after COVID-19, by Selected Activities, in % of Respondents, June 2020
• Share of Consumers Who Would Continue Using an E-Wallet Without Discounts, in % of E-Wallet Users, May 2020
• Payment Methods Used in E-Commerce, in % of Online Shoppers, 2019
• Frequency of Online Purchases, in % of Online Consumers, in March and April 2020
• Profile of FavePay and COVID-19's Impact on FavePay, November 2020

3. DBS PayLah!

• Profile of DBS Paylah! in Singapore, November 2020
• COVID-19's Impact on DBS PayLah!'s Activity, November 2020
• P2B and P2P Transaction Volume via DBS PayLah!, in millions, Q1 2019 & Q1 2020
• Share of E-Wallets Users, in % of E-Wallet Users, and Share of DBS Paylah! Users, in % of Users, September 2019
• The Growth of DBS PayLah!'s User Base, in millions, 2019 & 2023f

4. GrabPay

• Profile of GrabPay in Singapore, November 2020
• COVID-19's Impact on GrabPay's Activity, November 2020
• Share of Total Sales on Grab Platform, in % of Volume, 2019