2022年8月外文研究报告digital payments in singapore

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TRENDSDigitalpaymentsinSingaporeCHAPTER

01OverviewDigitalpaymentusersintheAsia-Pacificregionin2021,bycountryandageUsersofdigitalpaymentsintheAPACregion2021,bycountryandageShareofindividuals18-24years25-34years40%35-44years60%45-54years55-64years80%0%20%100%120%PakistanIndiaPhilippinesChinaIndonesiaVietnamMalaysiaAustraliaHongKongThailandNewZealandSingaporeSouthKoreaJapan4Description:In2021,Pakistanhadthelargestshareofdigitalpaymentusersbelongingtotheagegroupof18to24yearsand25to34yearsintheAsiaPacificregionwithpercentagesofapproximately37.6and44.9percentrespectively.AccordingtotheDigitalMarketOutlook,theleastrepresentedagegroupwas55to64years.ReadmoreNote(s):APACSource(s):DigitalMarketOutlookDigitalormobilewalletpaymentsasashareofe-commerceandpoint-of-sale(POS)paymentsintheAsia-Pacificregionin2021,bycountryorterritoryDigitalpaymentsasashareofe-commerceandPOSpaymentsAPAC2021,bycountryShareofpaymentsvaluePOS

E-commerce40%0%10%20%30%50%60%70%80%90%54%ChinaIndia83%25%45%19%IndonesiaHongKongPhilippinesSingaporeAustraliaVietnam39%24%33%31%16%14%29%11%26%25%23%22%20%18%14%20%ThailandSouthKoreaNewZealandTaiwan10%7%15%15%MalaysiaJapan16%9%12%5Description:In2021,digitalormobilewalletpaymentsamountedto83percentofe-commerceand54percentofpoint-of-sale(POS)paymentsinChina.Incomparison,digitalormobilewalletpaymentstookup12percentofe-commerceandninepercentofPOSpaymentsinJapanin2021.ReadmoreNote(s):Asia,APAC;2021Source(s):WorldpayCashlesspaymentsadoptionrateinSoutheastAsiain2021,bycountryCashlesspaymentsadoptionrateSEA2021,bycountryShareofrespondents0%10%20%30%40%50%60%70%80%90%100%97%110%SingaporeMalaysia96%IndonesiaVietnam95%95%Thailand94%PhilippinesCambodiaSoutheastAsia92%68%93%6Description:Accordingtoasurveyfrom2021,theadoptionrateofcashlesspaymentsinSoutheastAsiawas93percent.Singaporehadthehighestadoptionrateof97percentinSoutheastAsia,whiletheadoptionratewas68percentinCambodiain2021R.

eadmoreNote(s):Asia;AugusttoSeptember2021;6,520respondents;18to65yearsSource(s):Clear;VisaInc.TransactionvalueofdigitalpaymentsinSoutheastAsiain2022,bycountryandsegment(inbillionU.S.dollars)DigitalpaymentstransactionvalueinSoutheastAsia2022,bycountryandsegmentTransactionalvalueinbillionU.S.dollarsMobilePOSPayments30DigitalCommerce400102050607080IndonesiaThailandPhilippinesVietnamMalaysiaSingaporeMyanmarCambodiaLaosBruneiTimor-Leste7Description:In2022,SingaporeisexpectedtohavethehighesttransactionalvalueinmobilePOSpaymentsinSoutheastAsiawithavalueofapproximately6.02billionU.S.dollars.Incomparison,digitalcommercetransactionvalueinIndonesiawasforecasttoreach67.83billionU.S.dollarsin2022.ReadmoreNote(s):AsiaSource(s):DigitalMarketOutlookAveragetransactionvalueofdigitalpaymentsinSoutheastAsiaregionin2022,bycountryandsegment(inthousandU.S.dollars)DigitalpaymentsaveragetransactioninSoutheastAsia2022,bycountryandsegmentAveragetransactionvalueinthousandU.S.dollarsMobilePOSPayments2DigitalCommerce3014565.22SingaporeBruneiDarussalamCambodia3.21.561.271.120.220.430.32Laos0.37Malaysia0.980.14PhilippinesTimor-LesteIndonesia0.520.130.160.070.380.050.02Thailand0.78Myanmar0.228Description:In2022,SingaporeisexpectedtohavethehighestaveragetransactionvalueperuserofdigitalcommerceinSoutheastAsiawithavalueofapproximately3.2thousandU.S.dollars.Singaporeisalsoestimatedtohavethehighestaveragetransactionvalueinthemobilepospaymentssegmentat5.22thousanddollars.ReadmoreNote(s):AsiaSource(s):DigitalMarketOutlookMarketshareofcash,creditcards,andotherpaymentmethodsatpointofsale(POS)inSingaporein2017,2019,2020and2021Mostpopularin-storepaymentmethodsinSingapore2017-2021201730%40%23%4%201934%37%19%7%202038%26%17%11%3%202134%22%20%14%5%Creditcard(incl."chargecard"since2021)*CashDebitcardE-wallet,Digital/mobilewalletPrepaidcard2%2%Retailer/bankfinancing(splitofffrom"POSfinancing"in2021)*%%%4%BuyNow,PayLater(splitofffrom"POSfinancing"in2021)*%%%1%Chargecard*2%%2%%3%3%%%POSfinancing*9Description:Creditcardsremainedthemostusedin-storepaymentoptionavailableinSingapore,althoughthemarketshareofwalletsdidgrow.Cash,ontheotherhand,isexpectedtoseeitsmarketsharedeclinefurtherasmobilewalletstaketheirplace.In2020,SingaporehadthehighestpenetrationrateforcashlesspaymentsinSoutheastAsia.ThegrowingpopularityofwalletsislikelytiedtotheriseofsuperappGrab-anappthatprovideseverydayservices,fromtransportationtofooddelivery[...]ReadmoreNote(s):Singapore;2017,2019,2020,2021;*Thesourcemadechangestoitscategoriesin2021,seethe"Details"tabformoreinformation.Source(s):GlobalData;IMF;McKinsey;WorldBank;WorldpayCHAPTER

02KeyindicatorsNumberofusersofdigitalpaymentsinSingaporefrom2017to2026,bysegment(inmillionusers)DigitalpaymentusersinSingapore2017-2026,bysegmentDigitalCommerceMobilePOSPaymentsDigitalRemittances5.04.54.03.53.02.52.01.51.00.50.0-0.54.34.13.93.73.53.33.132.42.10.11.41.41.30.11.20.11.10100.800.500.200.10.10201720182019202020212022202320242025202611Description:Therewere3.3millionusersofdigitalcommerceinSingaporein2021.By2026,theincreasefromonemilliontoaround1.4million.ReadmoreNote(s):SingaporeDigitalMarketOutlookestimatesthatthenumberofusersinthissegmentwillgrowto4.3million.ThenumberofmobilePOSpaymentuserswillatthesametimeSource(s):DigitalMarketOutlookDistributionofpaymenttransactionsinSingaporein2020,withforecastsfor2025,byinstrumentPaymentstransactionvolumeSingapore2020-2025,byinstrument20202025*60%50%40%30%20%10%0%54.6%48%47.1%34.1%11.3%4.9%ElectronicpaymentsPaper-basedpaymentsReal-timepayments13Description:In2020,electronicpaymentsaccountedfor48percentofpaymenttransactionsvolumeinSingapore,andthisfigureispredictedtoriseto54.6percentby2025.Singaporeansareswitchingfrompaper-basedpaymentstoreal-timedigitalpayments,aswellasmobilewallets.

ReadmoreNote(s):Singapore;2020;*Forecast.

ReadmoreSource(s):FinTechNewsFundingvaluefordigitalpaymentscompaniesinSingaporefrom2017to2021,bynumberandvalueofdeals(inmillionU.S.dollars)FundingfordigitalpaymentsSingapore2017-2021,bydealsandvalueFundingvalueNumberofdeals800700600500400300200100016141210815667.2398665173.57484.25253.735.102017201820192020202114Description:Thefundingvaluefordigitalpaymentcompaniesreachedarecordhighofover667millionU.Sdollarsin2021inSingapore,acrosseightdeals.Thisisasignificantincreasecomparedto2017,whenfivedealswerecompleted,withafundingvalueof35.1millionU.S.dollars.

ReadmoreNote(s):Singapore;2017to2021Source(s):PwC;SingaporeFinTechAssociation;UnitedOverseasBankCHAPTER

03BankcardsValueofcreditanddebitcardpaymentsinSingaporefrom2018to2021(inbillionSingaporedollars)ValueofcreditanddebitcardpaymentsSingapore2018-2021120103.22102.3797.9410080604020091.59201820192020202116Description:Asof2021,thevalueofcreditanddebitcardpaymentsinSingaporeamountedtoaround103billionSingaporedollars.Awiderangeofe-paymentoptionsareavailableinSingapore,includingPayNow,PayNowCorporate,andSGQR,aswellascreditanddebitcards.ReadmoreNote(s):Singapore;2018to2021Source(s):MASValueofbankcardpaymentsinSingaporefrom2017to2021withforecastsuntil2025,bytype(inbillionSingaporedollars)BankcardpaymentsvalueSingapore2017-2025,bytypeDebitcardsCreditandchargecards1401201008080.677.172.9686762.662.356.760544047.245.343.22040.838.135.735.434.831.8020172018201920202021*2022**2023**2024**2025**17Description:In2021,theestimatedvalueofcreditandchargecardspaymentswas62.6billionSingaporedollars.Inthesameyear,debitcardspaymentswereestimatedat38.1billionSingaporedollars.By2025,thesepaymentsareforecasttoreachatotalvalueof127.8billionSingaporedollars.

ReadmoreNote(s):Singapore;2017to2021;*Estimates**ForecastsOneSingaporedollar(SGD)equals0.73U.S.dollarsand0.71euros(asofAugust2022).ReadmoreSource(s):GlobalDataVolumeofcreditanddebitcardpaymentsinSingaporefrom2018to2021(inmillions)VolumeofcreditanddebitcardpaymentsSingapore2018-20211,6001,4621,4001,2131,1701,2001,0008006004002000993201820192020202118Description:Asof2021,thevolumeofcreditanddebitcardpaymentsinSingaporeamountedtoaround1.46billiontransactions.Awiderangeofe-paymentoptionsareavailableinSingapore,includingPayNow,PayNowCorporate,andSGQR,aswellascreditanddebitcards.ReadmoreNote(s):Singapore;2018to2021Source(s):MASNumberofpaymentsinvolvingcardswithacreditfunction,issuedbyresidentPSPs,inSingaporefrom2013to2020AnnualcreditcardtransactionspercapitainSingapore2013-2020Creditcardpayments(inmillions)Creditcardpaymentspercapita70060050040030020010001401201008060402002013201420152016201720182019202019Description:CreditcardpaymentsinSingaporegrewbyfivemilliontransactionsin2020,asthepercapitausealsogrew.Thepaymentmethodplaysasignificantroleandispartofamuchwidermovementofpaymentdigitalization.CreditcardsrankedasSingapore'smostusedin-storepaymentmethod,forexample,buttheywereslowlylosingterraintomobilewallets.In2020,SingaporehadthehighestpenetrationrateforcashlesspaymentsinSoutheastAsia.ReadmoreNote(s):Singapore;2013to2020;15yearsandolderSource(s):BIS;MAS;WorldBankOwnershiprateofcreditcardsinSingaporefrom2011to2021,bygenderOwnershipratecreditcardsSingapore2011-2021bygenderMaleFemale60%50%40%30%20%10%0%49%49%45%39%37%37%36%35%201120142017202120Description:In2021,about45percentofmaleaged15yearsandolderclaimedtoholdacreditcard.Duringthesameyear,39percentoffemalerespondentsaged15yearsandolderreportedowningacreditcard.ReadmoreNote(s):Singapore;November23toJanuary17,2022;1,000respondents;15yearsandolderSource(s):GatesFoundation;WorldBankCHAPTER

04MobilewalletsNumberofmobilewalletusersinSingaporein2020,withaforecastfor2025(inmillions)MobilewalletusersSingapore2020-202575.865432101.820202025*22Description:In2020,thenumberofmobilewalletusersinSingaporereached1.8million,withforecastfiguresreachingasmuchas5.8millionin2025.Inthatyear,thevolumeofmobilewallettransactionsinthecountryamountedto101millionR.

eadmoreNote(s):Singapore;2020;*Forecast.

ReadmoreSource(s):FortumoTransactionvalueofmobilewalletsinSingaporein2020,withaforecastfor2025(inbillionU.S.dollars)MobilewallettransactionvalueSingapore2020-20259887654321.41020202025*23Description:In2020,thevalueofmobilewallettransactionsinSingaporereached1.4billionU.S.dollars,withforecastfiguresreachingasmuchaseightbillionU.S.dollarsin2025.Inthesameyear,therewere1.8millionmobilewalletusersinthecountryR.

eadmoreNote(s):Singapore;2020;*Forecast.

ReadmoreSource(s):FortumoPenetrationrateofmobilewalletsinSingaporein2020,withaforecastfor2025MobilewalletpenetrationrateSingapore2020-2025100%94.7%90%80%70%60%50%40%30%20%10%0%30.4%20202025*24Description:In2020,thepenetrationrateofmobilewalletsinSingaporereached30.4percent,withforecastfiguresreachingasmuchas94.7percentin2025.Inthatyear,thevolumeofmobilewallettransactionsinthecountryreached101millionR.

eadmoreNote(s):Singapore;2020;*Forecast.

ReadmoreSource(s):FortumoNumberofusersofselectedmobilewalletsinSingaporein2020,withforecastsfrom2021to2025(inmillions)UsersofvariousmobilepaymentappsinSingaporein2020,withforecaststo2025GrabPayFavepayDBSPayLah!SingtelDashEZ-Link121089.87.86.56.365.255.254.954.24.23.7543.33.353.332.62.62.522.052.11.61.650.6521.31.311.050.850.50.4020202021202220232024202525Description:TheuserbaseofsuperappGrab'smobilewalletisexpectedtoreachalmostreachdoublefiguresby2025,anumberthatisbiggerthanSingapore'spopulation.ThepaymentmethodsofferedbybothGrab-anappthatprovideseverydayservices,fromtransportationtofooddeliveryandotherfinancialservices,andoneofthelargestunicornsintheworld-andFave-anappthatoffersrewardsprograms-arepredictedtobecomethemaindriversforcashlesspaymentswithincountry.In[...]ReadmoreNote(s):Singapore;May2021;Thesourcedoesnotprovideanyinformationregardingconsumersusingmorethanoneappatthesametime.Itmay,therefore,bethatthetotalusersofallappscombinedishigherthanthecountry'spopulationSource(s):JuniperResearch;Website(Boku)CHAPTER

05OnlinebankingandelectronicmoneyValueofFASTtransactionsinSingaporefrom2015to2021(inbillionSingaporedollars)ValueofFASTtransactionsSingapore2015-2021350300296.32250210.8200148.05150108.2310073.3254.0637.19201550020162017201820192020202127Description:In2021,thevalueoffastandsecuretransfers(FAST)inSingaporeamountedtoabout296billionSingaporedollars.Thevalueoftransactionshassignificantlyincreasedcomparedtothepreviousyear,andhasgrownsteadilysincethelaunchoftheservice.FASTisadomesticreal-timepaymentschemelaunchedin2014,thatenablescustomersoftheparticipatingbankstotransferSingaporedollarfundsfromonebanktoanotheralmostinstantly.ReadmoreNote(s):Singapore;2015to2021Source(s):MASVolumeofFASTtransactionsinSingaporefrom2015to2021(inmillions)VolumeofFASTtransactionsSingapore2015-20212502262001471501005093603927190201520162017201820192020202128Description:In2021,thevolumeoffastandsecuretransfers(FAST)inSingaporeamountedtoaround226milliontransactions.Thisfigurerepresentsasignificantincreaseintransactionsfromthepreviousyear,andcontinuedgrowthsincethelaunchoftheservice.FASTisadomesticreal-timepaymentschemelaunchedin2014,thatenablescustomersoftheparticipatingbankstotransferSingaporedollarfundsfromonebanktoanotheralmostinstantly.ReadmoreNote(s):Singapore;2015to2021Source(s):MASValueofe-moneypaymentsinSingaporefrom2020to2021(inbillionSingaporedollars)Valueofe-moneypaymentsSingapore2020-20212.01.81.61.41.21.00.80.60.40.20.01.91.842020202129Description:Asof2021,thevalueofe-moneypaymentsinSingaporeamountedtoabout1.84billionSingaporedollars,slightlylowerthanthepreviousyear.E-moneywaspreviouslyknownasstoredvaluefacilityandincludesmoneystoredine-walletsR.

eadmoreNote(s):Singapore;2020to2021Source(s):MASVolumeofe-moneypaymentsinSingaporefrom2020to2021(inmillions)Volumeofe-moneypaymentsSingapore2020-20212,5002,2622,2502,0001,5001,00050002020202130Description:Asof2021,thevolumeofe-moneypaymentsinSingaporeamountedto2.25billiontransactions.E-moneywaspreviouslyknownasstoredvaluefacilityandincludesmoneystoredine-wallets.ReadmoreNote(s):Singapore;2020to2021Source(s):MASCHAPTER

06OtherpaymentservicesAverageamountspentonBuyNow,PayLater(BNPL)purchasesinSingaporein2021AverageamountspentonBNPLpurchasesSingapore2021ShareofBNPLusers6%

8%0%2%4%4%10%12%14%16%LessthanSGD10SGD11-2514%SGD26-5015%15%SGD51-100SGD101-200SGD201-500SGD501-1,000SGD1,001ormore14%13%13%12%32Description:AccordingtoasurveyonBuyNow,PayLaterusersinSingapore,almosthalfofrespondents'purchaseswereonaverage100Singaporedollarsorless.Incomparison,25percentoftheirpurchaseswerehigherthan500Singaporedollars.ReadmoreNote(s):Singapore;June2021;460respondents;amongBNPLusersSource(s):MilieuInsightTypesofpurchasesconsideredusingaBuyNow,PayLater(BNPL)serviceinSingaporein2021TypesofpurchasesconsideredusingaBNPLserviceSingapore2021Shareofrespondents20%

25%0%5%10%15%30%35%40%45%50%49%55%HomefurnishingsanddecorElectronics48%Travel31%LifestyleandaccessoriesHealthandfitnessequipmentBeautyservices26%23%22%HealthandfitnessmembershipsFashionandapparelFoodandbeverageBeautyproducts19%13%12%11%33Description:AccordingtoapaymentssurveyconductedinSingaporeinJune2021,49percentoftherespondentsindicatedtheywouldconsiderusingaBuyNow,PayLaterserviceforhomefurnishinganddecor,and48percentforelectronics.Travel-relatedpurchasesfollowedwith31percentofrespondentsindicatingtheywouldusethistypeofservicefortheirpurchase.ReadmoreNote(s):Singapore;June2021;1,737respondentsSource(s):MilieuInsightShareofpeoplewhoareawareofandinterestedinQRcodepaymentsinSingaporein2021AwarenessandinterestinQRcodepaymentsSingapore2021100%88%90%80%70%60%50%40%30%20%10%0%49%InterestAwareness34Description:AccordingtoasurveyonconsumerpaymentbehaviorconductedinSeptember2021inSingapore,49percentofrespondentsstatedthattheyhadbeeninterestedinQRcodepaymentmethods.Thesamestudyreportedthat36percentofthesurveyedconsumersindicatedhavingusedthesepaymentmethodsinthesameyear.ReadmoreNote(s):Singapore;AugusttoSeptember2021;6,520respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.ShareofpeoplewhohaveusedQRcodepaymentsinSingaporein2020and2021UsageofQRcodepaymentsSingapore2020-202140%36%34%35%30%25%20%15%10%5%0%2020202135Description:AccordingtoasurveyonconsumerpaymentbehaviorconductedinSeptember2021inSingapore,36percentofrespondentsstatedthattheyhadusedQRcodepaymentmethodsin2021.ThisrepresentsaslightincreaseoverthepreviousyearR.

eadmoreNote(s):Singapore;AugusttoSeptember,2021;6,520respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.CHAPTER

07ConsumerbehaviorMostuseddigitalpaymentmethodsamongpeopleinSingaporein2021MostuseddigitalpaymentmethodsamongSingaporeans2021Shareofrespondents0%10%20%30%40%50%60%70%80%90%CardonlineContactlesscardMobilecontactless81%74%49%37Description:AccordingtoasurveyonconsumerpaymentbehaviorconductedinSeptember2021inSingapore,approximately81percentofrespondentsstatedthattheyhadusedcardsonlineasapaymentmethod.Meanwhile,74percentofthesurveyedconsumersindicatedtohaveusedcontactlesscardpaymentmethods.ThesamestudyreportedthatSingaporehadthehighestrateofcontactlesscardusageintheregion.ReadmoreNote(s):Singapore;AugusttoSeptember,2021;6,520respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.ConsumerattitudestowardscashlesspaymentmethodsinSingaporeasofSeptember2021ConsumersattitudestowardscashlesspaymentSingapore2021Shareofrespondents20%

30%0%10%40%50%60%70%80%PlantousecashlesspaymentsmoreoftenSupportgovernmentinitiativesforgoingcashlessViewcashlessasasaferwaytopay71%69%66%Prefershopsthatacceptcashlesspayments61%38Description:Accordingtoa2021surveyonconsumerattitudestowardscashlesspayments,71percentoftherespondentsinSingaporeindicatedthattheyplantousecashlesspaymentsoften.Ontheotherhand,61percentoftherespondentsindicatedthattheyprefershopsthatacceptcashlesspayments.

ReadmoreNote(s):Singapore;AugusttoSeptember,2021;6,530respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.ChangeinpaymentmethodsusedduetoCOVID-19pandemicinSingaporein2021ChangeinpaymentmethodsduetoCOVID-19Singapore2021ShareofrespondentsJune202130%Pre-COVID-1940%0%10%20%50%60%70%80%56%CashCreditcardsPeer-to-peerDebitcards74%66%66%64%53%43%48%26%BanktransferMobilewalletBuynowpaylaterOther33%31%41%9%6%4%4%39Description:AccordingtoapaymentssurveyconductedinSingaporeinJune2021,theCOVID-19pandemicappearstohavechangeduserpreferences,withadecreasefrom74percentto56percentincashuse.Thisshiftseemstohavebeeninfavorofpeer-to-peerpaymentswithanincreasefrom53percentto64percentandmobilewalletuse,risingfrom31percentto41percent.ReadmoreNote(s):Singapore;June2021;1,737respondentsSource(s):MilieuInsightShareofconsumerswhochangedtheirusageofca