According to PayNXT360’s Q2 2021 Global Prepaid Card Survey, prepaid card market in the Singapore is expected to grow by 13.5% on annual basis to reach US$ 8,742.8 million in 2021.The prepaid card market expected to grow over the forecast period, recording a CAGR of 12.1% during 2021-2025. The prepaid card market in Singapore will increase from US$ 7,702.8 million in 2020 to reach US$ 12,169.3 million by 2025.
Singapore is one of the leading countries in the prepaid card segment in Southeast Asia. With increased mobile penetration, the country became one of the early adopters of the digital payment system. Moreover, the country’s strong banking system drives the overall payment infrastructure. In recent years, many global companies have launched their services in the country.
Additionally, the rising market attractiveness also created growth avenues for fintech companies in the country. The government-backed digital payment system has emerged as one of the key factors for the prepaid card market growth. According to PayNXT360, the growing acceptance of digital prepaid cards across all sectors such as transportation, hospitality, and e-commerce is expected to drive market growth over the next two to three quarters.
Product innovation is expected to drive the market growth:
In Singapore, the prepaid card market is getting saturated with the increasing number of fintech companies are establishing their operation in the country. Moreover, the banking system is quite strong and spread across the country. Therefore, fintech companies are trying to distinguish themselves by introducing new products and services.
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