Dublin, March 15, 2022 (GLOBE NEWSWIRE) -- The "Singapore Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in Singapore increased at a CAGR of 9.5% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 11.5%, increasing from US$7.68 billion in 2022 to reach US$11.89 billion by 2026.
Singapore has been aiming to embrace e-payments and phase out cash usage gradually. The country observed many fintech companies expand their business during 2021. Conventional banks are also focusing on digital wallets and innovative prepaid cards to compete against the new-age fintech companies. The strong growth of e-commerce also propelled the growth of digital wallets and prepaid cards.
Banks are launching multi-currency digital wallet for SMEs in Singapore
With the rising adoption of e-payments among consumers in the country, banking service providers are launching multi-currency digital wallets to attract more customers.
- In May 2021, HSBC Singapore, launched its first multi-currency digital wallet, HSBC Global Wallet, for SMEs to send and receive international payments.
- The wallet allows the users to access the bank's existing business banking platform, HSBCnet, and international transactions.
- Moreover, the wallet will allow the clients of the SMEs to send and receive money in a number of currencies.
By using the bank's global payments network, the SMEs will quickly and securely transact with their suppliers and clients around the world.
E-commerce platforms and gift card processing platforms collaborating to launch gift card programs in Singapore
The gift card market is observing phenomenal growth around the globe. Therefore, fashion and beauty online platforms are launching their own gift card programs to grab a share of the growing market
- In May 2021, e-commerce platform, Zalora, collaborated with gift card processing platform, Qwikcilver to launch Zalora Gift Card in Singapore.
- The shoppers can buy any gift from the selection of brands with a gift card.
- As the authorized distributor, Qwikcilver will be distributing B2B gift cards across Zalora's B2B channels and will also be developing new B2B distribution channels to expand the program.
Scope
Companies Mentioned
- NTUC FairPrice Co-operative Pte Ltd
- Dairy Farm International Holdings Ltd
- Shen Siong Supermarket Pte Ltd
- Takashimaya Co Ltd
- Mustafa Holdings Pte Ltd
- Courts Asia Ltd
- Al Futtaim Group LLC
- Yamada Denki Co Ltd
Singapore Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Singapore Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
Singapore Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Singapore Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Singapore Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Singapore Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Singapore General Purpose Prepaid Card Market Size and Forecast
Singapore Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Singapore Entertainment and Gaming Prepaid Card Market Size and Forecast
Singapore Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Singapore Business and Administrative Expense Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Singapore Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Singapore Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Singapore Travel Forex Prepaid Card Market Size and Forecast
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Singapore Transit and Tolls Prepaid Card Market Size and Forecast
Singapore Healthcare and Wellness Prepaid Card Market Size and Forecast
Singapore Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Singapore Fuel Prepaid Cards Market Size and Forecast
Singapore Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/pyd4sd
