Top Mobile Payment Service Providers in Singapore 2020 and their Reaction to the COVID-19 Crisis

Report Tells of Increase in Online Payments in Singapore During Pandemic

The value of E-commerce is predicted to significantly increase by 2021 in Singapore

Singapore has one of the most developed E-Commerce markets in Southeast Asia as reported in several studies conducted in 2019 that are cited in the new publication. Due to the pandemic in 2020 and its associated precautions, Singaporeans have preferred to make contactless payments. Therefore, Singaporean E-Commerce keeps growing as merchants strive to shift to an online business model, which boosts E-Payment methods.

New partnerships of the top E-Payment service providers boost cashless payment

Top three online payment platforms of Singapore, DBS PayLah!, GrabPay and FavePay, partnered with merchants, transportation and lodging enterprises and banks to promote digital paying methods and support consumers with greater options of retail outlets, goods and services during the pandemic. This collaboration widened each of the platform’s merchant and user base during the coronavirus health crisis, according to sources cited in the report.

Businesses were supported by the Singaporean government after the COVID-19 outbreak

Due to the financial challenges faced by businesses because of the health crisis, the government of Singapore initiated several supporting measures and grants to assist enterprises monetarily. The report tells how the governmental organization that supports Singaporean companies’ development also launched a program to help enterprises convert from a brick-and-mortar model to online sales or services.

Report Coverage

• This report covers the Singaporean payment market with a focus on the reaction of the top Mobile Payment Service Providers to the COVID-19 outbreak. It includes information related to payment methods used, transaction volumes, payment trends and recent COVID-19 related news of the top Mobile PSP’s in Singapore.
• The report focuses on the strategies adopted by Singaporean Mobile PSP’s during the COVID-19 pandemic. Information related to both remote and in-store payments.
• The data in our reports is from sources mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

• The overview chapter opens the report, featuring a summary of payments market in Singapore. The latest trends and developments are summarized on the text charts and data highlights are provided on quantitative charts.
• The rest of the report is divided by the top two Mobile PSP’s presented in the descending order of consumers' preference. Within each chapter, there is a company profile, as well as text charts with relevant news and quantitative charts.
• Depending on data availability, the following types of market information are included: value and/or volume of transactions, number of users, payment methods used in-store and online, COVID-19’s impact on the PSPs.
• Not all the mentioned types of information are provided for each of the covered Payment Service Providers due to varying data availability.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report.