Payments Landscape in Singapore-Opportunities and Risks to 2021

(IT-NEWSWIRE.COM, March 20, 2018 ) Publisher'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 Publisher'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.

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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 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.

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Companies Mentioned:
DBS Bank
UOB
OCBC Bank
Citibank
Standard Chartered
NETS
Visa
Mastercard
American Express
Diners Club
China UnionPay
JCB

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Payments Landscape in Singapore-Opportunities and Risks to 2021