Singapore Cards and Payment Market Introduction and Overview
According to SPER Market Research, the Singapore Cards and Payment Market is estimated to reach USD XX billion by 2033 with a CAGR of 7.74%.
The report includes an in-depth analysis of the Singapore Cards and Payment Market, including market size and trends, product mix, distribution channels, and supplier analysis.Cards and payment systems are essential components of modern financial transactions, providing individuals and organizations worldwide with convenience and security. Credit, debit, and prepaid cards are physical or digital tools that allow users to make purchases or access funds electronically. Credit cards allow customers to borrow money up to a certain limit, whereas debit cards remove money immediately from a linked bank account.
- September 2021: Fave, a smart payment app, has joined with Google Pay so that users of Google Pay can scan any FavePay SGQR and receive up to 20% cashback at 15,000 food and beverage establishments and stores, including Subway, Food Republic, Food Junction, BreadTalk, Puma, and others, by using their Google Pay account.
- May 2021 - The leading digital wallet in Southeast Asia, GrabPay, has announced a partnership with Stripe, a global technology company that builds the foundation for the internet economy. Due to the arrangement, businesses all around Southeast Asia, starting in Singapore and Malaysia, will be able to provide customers with a more advantageous and straightforward online payment solution through the GrabPay Wallet.
Market Opportunities and Challenges
Singapore cards and payments sector offers a variety of opportunities and difficulties. One of Singapore's sectors with the quickest growth is the retail sector. As a result, there are numerous chances for new businesses, trading, and investments in the retail industry. As consumer behaviour changes, this impacts the Singapore payment market. The payment market in the nation is being impacted by trends including mobile payments, internet banking, rapid payments, and the government's strategy for expansion.
However, while the Singaporean card and payment market is highly established and sophisticated, it confronts a number of obstacles as it continues to evolve. To begin, there is a constant need to strike a balance between innovation and security. As the industry embraces digital payment solutions and mobile wallets, it must also strengthen its defenses against cyber threats and fraud, ensuring that consumers and companies can have confidence in these systems. Second, interoperability remains an issue due to the coexistence of numerous payment mechanisms, including cards, mobile wallets, and QR code-based payments. It is critical for a good payment experience to provide seamless compatibility between different systems and to reduce
Market Competitive Landscape
The Singapore Payments Market is moderately competitive, with market participants such as Alipay, DBS PayLah, GrabPay, Paypal, Fave Pay present. Companies in the market are taking a range of efforts to expand their presence, which helps to drive market growth.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Mode of Payment, By End User
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| Regions covered | Eastern Region, Southern Region, Western Region, Northern Region
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| Companies Covered | Alipay, Amazon.com, Inc., Apple Inc., DBS Bank Ltd, Fave, Google Pay, Grab, PayPal Holdings, Inc., Samsung and others
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COVID-19 Impact on Singapore Cards and Payment Market
The COVID-19 outbreak had a significant impact on Singapore's card and payment markets. As a result of the increased anxiety about physical contact and the potential spread of the virus, there was a significant increase in the use of digital payment methods. To reduce physical contacts and the use of cash, consumers and businesses alike have increasingly turned to contactless payments, mobile wallets, and online transactions. This hastened the ongoing transition to a cashless society and increased reliance on e-commerce for shopping, hence increasing online payment volumes.
Key Target Audience:
- Consumers
- Merchants and Businesses
- Financial Institutions
- Fintech Companies
- Government and Regulatory Bodies
- Investors and Shareholders
- International Businesses
- Tourists and Travelers
Our in-depth analysis of the Singapore Cards and Payment Market includes the following segments:
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By Mode of Payment:
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Point of Sale
Online Store
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By End User:
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Retail
Entertainment
Healthcare
Hospitality
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Key Topics Covered in the Report:
- Singapore Cards and Payment Market Size (FY’2023-FY’2033)
- Overview of Singapore Cards and Payment Market
- Segmentation of Singapore Cards and Payment Market By Mode of Payment (Point of Sale, Online Store)
- Segmentation of Singapore Cards and Payment Market By End User (Retail, Entertainment, Healthcare, Hospitality, Others)
- Statistical Snap of Singapore Cards and Payment Market
- Expansion Analysis of Singapore Cards and Payment Market
- Problems and Obstacles in Singapore Cards and Payment Market
- Competitive Landscape in the Singapore Cards and Payment Market
- Impact of COVID-19 and Demonetization on Singapore Cards and Payment Market
- Details on Current Investment in Singapore Cards and Payment Market
- Competitive Analysis of Singapore Cards and Payment Market
- Prominent Players in the Singapore Cards and Payment Market
- SWOT Analysis of Singapore Cards and Payment Market
- Singapore Cards and Payment Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Singapore Cards and Payment Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Cards and Payment Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Cards and Payment Market
7. Singapore Cards and Payment Market, By Mode of Payment (USD Million)
7.1. Singapore Cards and Payment Market Value Share and Forecast, By Mode of Payment, 2023-2033
7.2. Point of Sale
7.2.1. Card Payments (Debit Cards, Credit Cards, Bank Financing, Prepaid Cards)
7.2.2. Digital Wallet (Mobile Wallets)
7.3. Online Store
7.3.1. Cards Payments
7.3.2. Digital Wallet
7.3.3. Others
8. Singapore Cards and Payment Market , By End User (USD Million)
8.1. Singapore Cards and Payment Market Value Share and Forecast, By End User, 2023-2033
8.2. Retail
8.3. Entertainment
8.4. Healthcare
8.5. Hospitality
8.6. Others
9. Singapore Cards and Payment Market Forecast, 2019-2033 (USD Million)
9.1. Singapore Cards and Payment Market Size and Market Share
10. Singapore Cards and Payment Market, By Mode of Payment, 2019-2033 (USD Million)
10.1. Singapore Cards and Payment Market Size and Market Share By Mode of Payment (2019-2026)
10.2. Singapore Cards and Payment Market Size and Market Share By Mode of Payment (2027-2033)
11. Singapore Cards and Payment Market, By End User, 2019-2033 (USD Million)
11.1. Singapore Cards and Payment Market Size and Market Share By End User (2019-2026)
11.2. Singapore Cards and Payment Market Size and Market Share By End User (2027-2033)
12. Singapore Cards and Payment Market, By Region, 2019-2033 (USD Million)
12.1. Singapore Cards and Payment Market Size and Market Share By Region (2019-2026)
12.2. Singapore Cards and Payment Market Size and Market Share By Region (2027-2033)
12.3. Eastern Region
12.4. Southern Region
12.5. Western Region
12.6. Norther Region
13. Company Profile
13.1. Alipay
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Amazon.com, Inc.
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Apple Inc.
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. DBS Bank Ltd
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Fave
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Google Pay
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Grab
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. PayPal Holdings, Inc.
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Samsung
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
