Singapore has one of the most developed payment card systems in Asia Pacific. With one of the highest card penetration rates in Asia Pacific, the countrys payment card market is set to grow at a steady rate influenced by a push by relevant authorities, issuers, and schemes to increase acceptance and roll out emerging payment capabilities.
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Learn about the threat new payment technologies pose to the payment card space, and how these developments will influence market dynamics.
How do Singaporean consumers use their payment tools, and how has this changed in recent years?
Which players are key in the debit, credit, and charge card spaces? How are they adapting to changes within the wider market?
How extensive are mobile, online, and contactless payments and where does future growth lie?
While payment card numbers continue to rise, this will not translate to increased usage and transaction value. The market requires a boost in acceptance of payment cards, especially in the SME space.
While a significant proportion of contactless payment card holders have a positive attitude towards contactless payments, some are concerned about security issues. Providers will need to provide further education and assurances.
Although mobile proximity payments are at an early stage of development in the Singaporean market, a significant number of consumers are ready to adopt them. On the other hand, the market is waiting for clarity on mobile proximity payment standards before providers start to roll out this format to the mass market.