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DIGITAL

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TRENDSDigitalpaymentsinSingaporeCHAPTER

01OverviewTransactionvalueofdigitalpaymentsinSoutheastAsiain2023,bycountryandsegment(inbillionU.S.dollars)DigitalpaymentstransactionvalueinSoutheastAsia2023,bycountryandsegmentTransactionalvalueinbillionU.S.dollarsMobilePOSPayments30

40DigitalCommerce500102060708090IndonesiaThailandPhilippinesVietnamMalaysiaSingaporeMyanmarCambodiaLaosBruneiTimor-Leste3Description:In2023,SingaporeisexpectedtohavethehighesttransactionalvalueinmobilePOSpaymentsinSoutheastAsiawithavalueofapproximately7.61billionU.S.dollars.Incomparison,digitalcommercetransactionvalueinIndonesiawasforecasttoreach76.89billionU.S.dollarsin2023.ReadmoreNote(s):AsiaSource(s):DigitalMarketInsightsAveragetransactionvalueofdigitalpaymentsinSoutheastAsiaregionin2022,bycountryandsegment(inthousandU.S.dollars)DigitalpaymentsaveragetransactioninSoutheastAsia2022,bycountryandsegmentAveragetransactionvalueinthousandU.S.dollarsMobilePOSPayments2DigitalCommerce3014565.22SingaporeBruneiDarussalamCambodia3.21.561.271.120.220.43Laos0.320.37Malaysia0.980.14PhilippinesTimor-LesteIndonesia0.520.130.160.070.380.050.02Thailand0.78Myanmar0.224Description:In2022,SingaporeisexpectedtohavethehighestaveragetransactionvalueperuserofdigitalcommerceinSoutheastAsiawithavalueofapproximately3.2thousandU.S.dollars.Singaporeisalsoestimatedtohavethehighestaveragetransactionvalueinthemobilepospaymentssegmentat5.22thousanddollars.ReadmoreNote(s):AsiaSource(s):DigitalMarketInsightsDigitalormobilewalletpaymentsasashareofe-commerceandpoint-of-sale(POS)paymentsintheAsia-Pacificregionin2022,bycountryorterritoryDigitalpaymentsasashareofe-commerceandPOSpaymentsAPAC2022,bycountryShareofpaymentsvaluePOSE-commerce40%0%10%20%30%50%60%70%80%90%56%ChinaIndia81%35%50%28%IndonesiaPhilippinesSingaporeHongKongVietnam39%17%18%33%32%31%27%29%31%31%12%13%AustraliaSouthKoreaThailandMalaysiaNewZealandTaiwan25%25%23%20%24%22%22%10%16%18%10%Japan5Description:In2022,digitalormobilewalletpaymentsamountedto81percentofe-commerceand56percentofpoint-of-sale(POS)paymentsinChina.Incomparison,digitalormobilewalletpaymentstookup18percentofe-commerceandtenpercentofPOSpaymentsinJapanin2022.ReadmoreNote(s):Asia,APAC;2022Source(s):WorldpayCHAPTER

02KeyindicatorsMarketshareofcash,creditcards,andotherpaymentmethodsatpointofsale(POS)inSingaporein2017,2019,2020,2021,and2022Mostpopularin-store,orPOS,paymentmethodsinSingapore2017-2022201730%23%40%4%2%-201934%19%37%7%2%-202038%17%26%11%3%202134%20%22%14%5%202236%21%19%18%5%Creditcard(incl."chargecard"since2021)*DebitcardCashE-wallet,Digital/mobilewalletPrepaidcardPOSfinancing*3%-2%Retailer/bankfinancing(splitofffrom"POSfinancing"in2021)*---4%-BuyNow,PayLater(splitofffrom"POSfinancing"in2021)*---1%---Chargecard*2%2%3%7Description:Creditcardsremainedthemostusedin-storepaymentoptionavailableinSingapore,althoughthemarketshareofwalletsdidgrow.Cash,ontheotherhand,isexpectedtoseeitsmarketsharedeclinefurtherasmobilewalletstaketheirplace.In2020,SingaporehadthehighestpenetrationrateforcashlesspaymentsinSoutheastAsia.ThegrowingpopularityofwalletsislikelytiedtotheriseofsuperappGrab-anappthatprovideseverydayservices,fromtransportationtofooddelivery[...]

ReadmoreNote(s):Singapore;2017,2019,2020,2021,2022;*Thesourcemadechangestoitscategoriesin2021,seethe"Details"tabformoreinformation.Source(s):GlobalData;IMF;McKinsey&Company;WorldBank;WorldpayNumberofusersofdigitalpaymentsinSingaporefrom2018to2027,bysegment(inmillionusers)DigitalpaymentusersinSingapore2018-2027,bysegmentDigitalCommerceMobilePOSPaymentsDigitalRemittances3.885.04.54.03.53.02.52.01.51.00.50.04.54.34.093.683.513.33.0732.370.251.381.331.271.221.161.081.030.790.470.030.030.050.050.060.060.020.0420182019202020212022202320242025202620278Description:Overtheforecastperioduntil2027,thenumberofusersisforecasttoexhibitfluctuationsamongthethreesegments.Overall,theindicatorappearstofollowapositivetrend,astherearemoreincreasingvaluesthandecreasingvaluesexpectedintheindividualsegmentsuntil2027.Amongthem,thesegmentDigitalCommerceachievestherelativelyhighestvaluethroughouttheentireperiod,reaching4.5millionusers.ReadmoreNote(s):Singapore;2018to2027Source(s):DigitalMarketInsightsTransactionvalueofdigitalpaymentsinSingaporefrom2019to2028,bysegment(inbillionU.S.dollars)DigitalpaymenttransactionvalueinSingapore2019-2028,bysegmentMobilePOSPaymentsDigitalCommerceDigitalRemittances5045403530250.990.930.8720.130.8119.130.7518.030.6816.972015.370.61151050.5513.7411.722.1820280.448.240.428.2910.8619.116.08202613.01202510.1220247.585.423.821.990.7820190202020212022202320279Description:Overthelasttwoobservations,thetransactionvalueisforecasttosignificantlyincreaseinallsegments.Aspartofthepositivetrend,theindicatorreachesthemaximumvalueforallthreedifferentsegmentsattheendofthecomparisonperiod.ParticularlynoteworthyisthesegmentMobilePOSPayments,whichhasthehighestvalueof22.18billionU.S.dollars.ReadmoreNote(s):Singapore;2019to2028Source(s):DigitalMarketInsightsFundingvaluefordigitalpaymentscompaniesinSingaporefrom2018tothirdquarterof2022,bynumberandvalueofdeals(inmillionU.S.dollars)FundingfordigitalpaymentsSingapore2018-Q32022,bydealsandvalueFundingvalueNumberofdeals8007006005004003002001000161412108729.96699.631411108764153.5784.25235.220180201920202021Q3202210Description:Thefundingvaluefordigitalpaymentcompaniesreachedarecordhighofalmost730millionU.Sdollarsinthethirdquarterof2022inSingapore,acrosseightdeals.Thisisasignificantincreasecomparedto2018,whensevendealswerecompleted,withafundingvalueof35.2millionU.S.dollars.ReadmoreNote(s):Singapore;2018toQ32022Source(s):PwC;SingaporeFinTechAssociation;UnitedOverseasBankBreakdownofe-commercepaymentmethodsinSingaporebetween2021and2022,withforecastsfor2024and2027E-commercepaymentmethodshareSingapore2021-2027Cards**Domesticpayments***MobilewalletsBNPLOthers120%100%80%60%40%20%0%1%4%6%8%6%5%3%2%11%12%11%12%9%9%9%9%73%71%69%70%202120222024*2027*11Description:In2022,cardsanddomesticpaymentsweretheleadingpaymentmethodsforpurchasesviae-commerceamongpeopleinSingapore,accountingfor73percentofthee-commercepaymentshareeach.Apartfromcardpayments,mobilewalletsareamongthepopularpaymentmethodsforonlineshoppinginthecountry.ReadmoreNote(s):Singapore;2022;*Forecast.**Includebothcreditanddebitcards.***Includereal-timepayment(RTP)schemes,localpayments,andonlinebankingtransfersthroughavarietyofplatforms.Figurespriorto2022werefrompreviousreporting.

ReadmoreSource(s):2C2P;Varioussources(IDC,AntGroup,Centralbankdata)CHAPTER

03BankcardsValueofcreditanddebitcardpaymentsinSingaporefrom2018to2022(inbillionSingaporedollars)ValueofcreditanddebitcardpaymentsSingapore2018-2022140124.75120103.22102.3797.9410080604020091.592018201920202021202213Description:Asof2022,thevalueofcreditanddebitcardpaymentsinSingaporeamountedtoaround124billionSingaporedollars.Awiderangeofe-paymentoptionsareavailableinSingapore,includingPayNow,PayNowCorporate,andSGQR,aswellascreditanddebitcards.ReadmoreNote(s):Singapore;2018to2022Source(s):MASVolumeofcreditanddebitcardpaymentsinSingaporefrom2018to2022(inmillions)VolumeofcreditanddebitcardpaymentsSingapore2018-20221,8001,6001,6291,4621,4001,2131,1701,2001,00080060040020009932018201920202021202214Description:Asof2022,thevolumeofcreditanddebitcardpaymentsinSingaporeamountedtoaround1.63billiontransactions.Awiderangeofe-paymentoptionsareavailableinSingapore,includingPayNow,PayNowCorporate,andSGQR,aswellascreditanddebitcards.ReadmoreNote(s):Singapore;2018to2022Source(s):MASPenetrationrateofcreditcardsinSingaporefrom2014to2029PenetrationrateofcreditcardsinSingapore2014-20296048.95040302010047.514746.8546.1845.1845.4944.7843.9244.0343.4343.2442.3541.7439.4435.42201420152016201720182019202020212022202320242025202620272028202915Description:ThecreditcardpenetrationinSingaporewasforecasttocontinuouslyincreasebetween2024and2029byintotal3.5percentagepoints.Accordingtothisforecastin2029,thecreditcardpenetrationwillhaveincreasedfortheeighthconsecutiveyearto47.51percent.ReadmoreNote(s):Singapore;2014to2029;allvaluesareestimatesSource(s):CHAPTER

04MobilewalletsNumberofmobilewalletusersinSingaporefrom2020to2022(inmillions)NumberofmobilewalletusersinSingapore2020-20222.01.81.81.71.61.41.21.00.80.60.40.20.01.520202021202217Description:In2022,thenumberofmobilewalletusersinSingaporereachedaround1.8millionpeople,indicatingaslightincreasecomparedtotheyearprior.Amobilewalletisavirtualwalletthatstorespaymentcardinformationonamobiledevice,itiseitherabuilt-infeatureoranappthatcanbeinstalledontosmartphones.ReadmoreNote(s):Singapore;2020to2022Source(s):2C2P;AntGroup;IDCShareofadultswhousedamobilewalletinSingaporefrom2020to2022MobilewalletownershipamongadultsSingapore2020-202290%77.9%80%70%60%50%40%30%20%10%0%73.7%71%20202021202218Description:In2022,about78percentofadultsusedamobilewalletinSingapore.Amobilewalletisavirtualwalletthatstorespaymentcardinformationonamobiledevice,itiseitherabuilt-infeatureoranappthatcanbeinstalledontosmartphones.

ReadmoreNote(s):Singapore;2020to2022Source(s):ACIWorldwide;GlobalDataMajore-walletservicesusedamongrespondentsinSingaporein2022Mostpopulare-walletservicesusedamongrespondentsinSingapore2022Shareofrespondents0%10%20%30%40%50%60%70%DBSPayLah!64%GrabPay55%PayPal44%GooglePay34%E-paymentservices/e-walletsfrombanks29%FavepayApplePaySamsungPaySingtelDashAliPay26%21%11%8%5%5%WeChatPayAmazonPayFOMOPayOthers2%2%1%19Description:AccordingtoasurveybyRakutenInsightone-paymentusage,about64percentofe-paymentusersindicatedthattheyusedDBSPayLah!fore-paymenttransactions.Inthesamesurvey,93percentofrespondentshadmadeatransactionusinge-paymentmethods.ReadmoreNote(s):Singapore;October13to30,2022;5,079respondents;16yearsandolder;amongfemaleandmalerespondentsthathadmadee-paymenttransactionsSource(s):RakutenInsightCHAPTER

05OnlinebankingandelectronicmoneyValueofFASTtransactionsinSingaporefrom2015to2022(inbillionSingaporedollars)ValueofFASTtransactionsSingapore2015-2022400350300250200150380.61296.32210.8148.05108.23201810073.32201754.0637.1920155002016201920202021202221Description:In2022,thevalueoffastandsecuretransfers(FAST)inSingaporeamountedtoabout380billionSingaporedollars.Thevalueoftransactionshassignificantlyincreasedcomparedtothepreviousyear,andhasgrownsteadilysincethelaunchoftheservice.FASTisadomesticreal-timepaymentschemelaunchedin2014,thatenablescustomersoftheparticipatingbankstotransferSingaporedollarfundsfromonebanktoanotheralmostinstantly.ReadmoreNote(s):Singapore;2015to2022Source(s):MASVolumeofFASTtransactionsinSingaporefrom2015to2022(inmillions)VolumeofFASTtransactionsSingapore2015-202235029230025020015010050226147936039271902015201620172018201920202021202222Description:In2022,thevolumeoffastandsecuretransfers(FAST)inSingaporeamountedtoaround292milliontransactions.Thisfigurerepresentsasignificantincreaseintransactionsfromthepreviousyear,andcontinuedgrowthsincethelaunchoftheservice.FASTisadomesticreal-timepaymentschemelaunchedin2014,thatenablescustomersoftheparticipatingbankstotransferSingaporedollarfundsfromonebanktoanotheralmostinstantly.ReadmoreNote(s):Singapore;2015to2022Source(s):MASValueofe-moneypaymentsinSingaporefrom2020to2022(inbillionSingaporedollars)Valueofe-moneypaymentsSingapore2020-20222.52.182.01.51.00.50.01.91.8420202021202223Description:Asof2022,thevalueofe-moneypaymentsinSingaporeamountedtoabout2.18billionSingaporedollars,slightlyhigherthanthepreviousyear.E-moneywaspreviouslyknownasstoredvaluefacilityandincludesmoneystoredine-wallets.

ReadmoreNote(s):Singapore;2020to2022Source(s):MASVolumeofe-moneypaymentsinSingaporefrom2020to2022(inmillions)Volumeofe-moneypaymentsSingapore2020-20223,0002,5002,0001,5001,0005002,3852,2622,250020202021202224Description:Asof2022,thevolumeofe-moneypaymentsinSingaporeamountedto2.39billiontransactions.E-moneywaspreviouslyknownasstoredvaluefacilityandincludesmoneystoredine-wallets.

ReadmoreNote(s):Singapore;2020to2022Source(s):MASPreferencefordigitalversustraditionalbanksamongconsumersinSingaporein2022ConsumerpreferencesfordigitalversustraditionalbanksSingapore202280%74%70%60%50%40%30%20%10%0%26%TraditionalbanksDigitalbanks25Description:AccordingtoasurveyonconsumerpaymentbehaviorconductedinOctober2022inSingapore,74percentofrespondentspreferredtraditionalbanksastheirprincipalbankinginstitutionsoverdigitalones.Traditionalbankshavebeenpreferredforsafety,reliability,andpositivecustomerexperiences.ReadmoreNote(s):Singapore;SeptembertoOctober2022;6,550respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.ReasonsforchoosingdigitalbanksamongconsumersinSingaporeasofOctober2022ReasonsforchoosingdigitalbanksamongconsumersSingapore2022Shareofrespondents10%

15%0%5%20%25%30%35%40%45%Fasterandmoreconvenientwaytobank36%Abletobankatanytimeofthedayatmyconvenience39%26Description:Accordingtoa2022studyonconsumerpaymentbehavior,39percentoftherespondentsinSingaporestatedthattheypreferreddigitalbankingasitallowedthemtobeabletobankanytimeoftheday.

ReadmoreNote(s):Singapore;SeptembertoOctober2022;6,550respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):Varioussources(CLEAR);VisaInc.CHAPTER

06OtherpaymentservicesNumberofBuyNow,PayLater(BNPL)usersinSingaporefrom2020to2022(inmillions)NumberofBuyNow,PayLaterusersinSingapore2020-20222.01.81.61.91.51.41.21.21.00.80.60.40.20.020202021202228Description:In2022,thenumberofBuyNow,PayLater(BNPL)usersinSingaporerecordedapproximately1.9millionpeople,reflectinganincreaseofnearly0.4millionuserscomparedtotheyearprior.BNPLisafinancingservicethatallowsconsumerstomakepurchasesoncreditthroughfutureinstallments.ReadmoreNote(s):Singapore;2020to2022Source(s):2C2P;AntGroup;IDCMarketsizeofBuyNow,PayLater(BNPL)inSingaporefrom2023to2028(inbillionU.S.dollars)BNPLmarketsizeSingapore2023-20282.5%2.0%1.5%2.2%1.3%1.0%0.5%0.0%20232028*29Description:In2023,themarketsizeofBuyNow,PayLaterwasestimatedtoamountto1.3billionU.S.dollarsinSingapore.Thisfigureisforecasttoriseandreach2.2billionU.S.dollarsby2028.

ReadmoreNote(s):Singapore;2023to2028;*Forecast.ReadmoreSource(s):FinTechNewsTotalvalueofBuyNow,PayLater(BNPL)paymentsinSingaporefrom2021to2023(inmillionU.S.dollars)BNPLtransactionvalueSingapore2021-20231,4001,2001,0008001,270.4600440400200020212023*30Description:In2023,thetotalvalueofBuyNow,PayLatertransactionswasprojectedtoreachabout1.27billionU.S.dollars.Thisshowedasignificantincreasecomparedto2021,whenthisvaluereached440millionU.S.dollars.

ReadmoreNote(s):Singapore;2021to2023;*Estimates.ReadmoreSource(s):FinTechNewsBuyNow,PayLaterpaymentsasashareofe-commercepaymentsinSingaporefrom2020to2022BNPLpaymentsasashareofe-commercepaymentsinSingapore2020-20226%5%5%4%4%3%3%2%1%0%20202021202231Description:In2022,BuyNow,PayLater(BNPL)paymentsamountedtofivepercentofe-commercepaymentsinSingapore.BNPLisafinancingservicethatallowsconsumerstomakepurchasesoncreditthroughfutureinstallments.Thecity-stateishometoAtome's,theleadingBNPLstartupbasedintheAsia-Pacificregion.ReadmoreNote(s):Singapore;2020to2022Source(s):WorldpayCHAPTER

07ConsumerbehaviorMostuseddigitalpaymentmethodsamongpeopleinSingaporein2022MostuseddigitalpaymentmethodsamongSingaporeans2022Shareofrespondents0%10%20%30%40%50%60%70%80%90%CardonlineContactlesscardMobilecontactless82%74%52%33Description:Accordingtoasurveyonconsumerpaymentbehaviorconductedin2022inSingapore,approximately82percentofrespondentsstatedthattheyhadusedcardsonlineasapaymentmethod.Meanwhile,74percentofthesurveyedconsumersindicatedtohaveusedcontactlesscardpaymentmethods.ReadmoreNote(s):Singapore;SeptembertoOctober2022;6,550respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.ShareofpeoplewhohaveusedmobilecontactlesspaymentsinSingaporein2020and2022UsageofmobilecontactlesspaymentsSingapore2020-202260%50%52%49%45%40%30%20%10%0%20202021202234Description:Accordingtoasurveyonconsumerpaymentbehaviorconductedin2022inSingapore,52percentofrespondentsstatedthattheyhadusedmobilecontactlesspaymentmethods.Incomparison,theshareofrespondentswhoindicatedhavingusedthesepaymentmethodsthepreviousyearwasslightlylower.ReadmoreNote(s):Singapore;SeptembertoOctober2022;6,550respondents;18-65years;amongconsumersinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.Mainreasonsformakinge-paymentsamongrespondentsinSingaporein2022Mainreasonsfore-paymentusageamongrespondentsinSingapore2022Shareofrespondents20%

30%0%10%40%50%60%70%80%90%88%100%ItisconvenientItiseasy-to-use50%Thetransactionsarefast48%IdonothavetocarrymuchcashandcardsaroundItiseasiertokeeptrackofhowmuchIspendItismoresecurethancashpaymentsOthers45%27%14%2%35Description:AccordingtoasurveybyRakutenInsightone-paymentusage,themajorityofe-paymentusersindicatedconvenienceasaleadingreasonformakinge-paymenttransactions.Inthesamesurvey,93percentofrespondentshadmadeatransactionusinge-paymentmethods.Read