Payments Landscape in Singapore: Opportunities and Risks to 2021

 

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4.2 Star Rating for report Payments Landscape in Singapore: Opportunities and Risks to 2021
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Pages: 58
Price: $2750.00

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Abstract

 
GlobalData's "Payments Landscape in Singapore: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Singapore cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debit, cash, payment cards, and cheques during the review-period (2013-17e). 

Description

GlobalData's "Payments Landscape in Singapore: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Singapore cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debit, cash, payment cards, and cheques during the review-period (2013-17e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into the Singaporean cards and payments industry, including -
- Current and forecast values for each market in the Singaporean cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including credit transfers, cheques, direct debit, cash, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the Singaporean cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-12-21 

Report: Payments Landscape in Singapore: Opportunities and Risks to 2021

 

Contents

Table of Contents
Market Overview
Executive Summary
Card-based Payments
E-commerce Payments
Alternative Payments
Payments Infrastructure & Regulation
Appendix
 

Scope


- To simplify electronic and mobile payments in the country, in November 2017 the Singapore Payments Council announced the development of a common standard for Singapore Quick Response Code payments within the market, designed to work across all schemes, e-wallets, and banks. The new QR system was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority. It uses international QR code protocols tweaked for the specific requirements of the market. The system will be adopted and deployed by payment service providers in Singapore throughout 2018. Additionally, app providers and banks have agreed to update their services in order to use the new system. For consumers, this new standard potentially means that any QR code-based service they choose can be used at any merchant, simplifying the purchasing experience. For merchants this move will reduce any work required to accept multiple QR code-based services.
- To offer instant payments, a new peer-to-peer (P2P) fund transfer service PayNow was launched in June 2017. This service is available to customers of Citibank Singapore, DBS Bank, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and UOB. Customers of these seven participating banks can send and receive Singapore dollar funds from one bank to another instantly through the FAST payment platform, using just their mobile number or National Registration Identity Card number. According to the Association of Banks in Singapore, more than 50,000 registrations were received to link mobile numbers to bank accounts through PayNow on launch day alone.
- To offer convenient transport payments, in March 2017 Mastercard and the Land Transport Authority of Singapore (LTA) launched a pilot scheme whereby passengers can use Mastercard-branded contactless cards to make public transport payments. According to the LTA, more than 100,000 commuters have signed up for the pilot since its launch, and an average of 60,000 transactions are being made daily. To enable even more commuters to use this service, Visa and NETS will also come on board from June 2018. Furthermore, as part of the pilot with Mastercard, the LTA will trial the use of mobile payment solutions such as Android Pay, Apple Pay, and Samsung Pay for public transport payments from the first quarter of 2018.

 

Classification

Language Code: EN 
Region: Singapore 
Report Type: Market Report 
Industry: Service Industries 
Sector: Cards and Payments 
Pages: 58 

Reasons to buy this report


- Make strategic business decisions, using top-level historic and forecast market data, related to the Singapore cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Singapore cards and payments industry.
- Assess the competitive dynamics in the Singapore cards and payments industry.
- Gain insights into marketing strategies used for various card types in Singapore.
- Gain insights into key regulations governing the Singapore cards and payments industry.
 

Payments Landscape in Singapore: Opportunities and Risks to 2021

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Regional Information

Taxonomy

Branch ID: 1518

Taxonomy Location

The taxonomy on the left shows the ancestors of the Singapore node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Singapore

Singapore is a highly developed market economy with the highest per capita GDP in the world. Singapore has a highly skilled workforce with an excellent education system making helping to make it attractive for foreign direct investment.

The main industries are electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber products, food and beverages and life sciences. Singapore's main trading partners are Malaysia, China, Hong Kong and US. 

Singapore's economy grew by 4.4% in 2013 down from 5.9% in 2012.  

Researchandexperts.com is a  leading source of market research on Singapore.

Useful Links

Doing Business in Singapore

Doing Business in Singapore, Singapore Government

Singapore

Southeast Asia (Asean)

The Association of Southeast Asian Nations(ASEAN) includes  ten countries from south-east Asia: Indonesia, Malaysia, the Philippines, Singapore and Thailand, Burma (Myanmar), Cambodia, Laos, and Vietnam. The group aims to promote peace, economic stability and growth in the region. 

The population of this region is 700 million. The region has seen a rapid growth in it's middle class and a corresponding growth in consumption. 

The main trading partners of the region are China, US, Japan and EU. The ASEAN countries have securing good trade agreements with these countries. 

The ASEAN countries are also looking at strengthening trade agreements with China, Japan, India, Australia, New Zealand and South Korea providing access to a market of 3 billion inhabitants, 1/3 of the world's GDP and 1/2 of the world's population.

ASEAN countries are expecting to benefit from considerable foreign direct investment from China and Japan in the coming years. This investment is expected to lead to impressive infrastructual development.
Research and Experts are providers of market research reports on the ASEAN region.

 

 

Asia

Continent

Asia

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 1983

Taxonomy Location

The taxonomy on the left shows the ancestors of the Cards and Payments node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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Item Code: 05IC-FS0096CI

 
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