Singapore’s Prepaid Card and Digital Wallet Sectors Predict Robust Growth by 2027: Q2 2023 Market Update

Singaporean Prepaid Card and Digital Wallet Market

Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) — The “Singapore Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend – Q2 2023 Update” report has been added to ResearchAndMarkets.com’s offering.

The financial landscape in Singapore is set to evolve significantly as the latest market analysis forecasts an impressive growth trajectory for the prepaid card and digital wallet industries. The robust compound annual growth rate (CAGR) signifies potential for substantial investment opportunities and market expansion by the year 2027.

With an increasing trend towards cashless transactions, the Singapore prepaid card market has experienced a resilient CAGR of 8.2% from 2018-2022. It is projected to accelerate with an estimated CAGR of 11.0% from 2023-2027. Preliminary figures suggest the market could escalate from US$7.68 billion in 2022 to an estimated US$13.09 billion by 2027.

Key Insights from the Market Data

The comprehensive data-centric analysis brings to light the indispensable role of prepaid payment instruments and digital wallets across multiple consumer segments. Insights from over 100 country-level KPIs depict a granular view of the payment instruments’ market dynamics, retail spend patterns, and consumer behaviors, facilitating a deeper understanding for stakeholders looking to navigate or expand within these sectors.

• Detailed segment analysis including retail, travel, entertainment and gaming, restaurant, and recharge and bill payment sectors.
• Examination of market structure and dynamics, trends, consumer perceptions, and behaviors influencing the prepaid card and digital wallet marketplace.
• Forecasting across open loop and closed loop prepaid market segments, analyzing critical factors such as card circulation, transaction numbers, load value, and transaction value.

Digital wallets are revolutionizing retail and commerce, evidenced by transaction volume and average value assessments across quintessential spending categories. From everyday retail shopping to travel and entertainment, these digital platforms are enhancing customer experiences while reshaping financial interactions.

Understanding consumer attitudes and behaviors is pivotal in leveraging market opportunities. The report elucidates on discretionary spending divided by age, gender, and income levels, contributing to strategists’ knowledge in framing targeted approaches in the prepaid card and digital wallet sectors.

Strategic Market Opportunities

Innovators, investors, and decision-makers within the financial services industry will find this report instrumental in identifying growth areas and targeting specific market opportunities. It equips entities with the critical insights needed to tailor their services accordingly, drawing upon a combination of industry trends and risk assessments.

The dynamic nature of Singapore’s financial sectors provides fertile ground for new product offerings and user engagement strategies. This forward-looking analysis illuminates paths for adaptation and growth within the shifting landscape of prepaid cards and digital wallets – a necessary tool for those positioned at the forefront of financial innovation.

For consumers, policymakers, and technologists eager to stay ahead of the curve, this databook offers the acumen needed to understand the evolving digital wallet and prepaid card environment, ensuring informed decision-making in a highly competitive market.

Note: The contents of this summary are derived from the report which captures detailed market insights. For further details and deeper understanding, readers are encouraged to refer to the full report.

Key Attributes

Key Topics Covered

1.About this Report
2. Prepaid Payment Instrument Market Size and Future Growth Dynamics by Key Performance Indicators
3. Digital Wallet Market Size and Future Growth Dynamics by Key Performance Indicators
4. Digital Wallet Market Size and Future Growth Dynamics by Key Segments
5. Singapore Prepaid Card Industry Market Attractiveness
6. Singapore Open Loop Prepaid Card Future Growth Dynamics, 2018-2027
7. Singapore Closed Loop Prepaid Card Future Growth Dynamics, 2018-2027
8. Singapore Prepaid Card Consumer Usage Trends
9. Singapore Prepaid Card Retail Spend Dynamics
10. Singapore General Purpose Prepaid Card Market Size and Forecast, 2018-2027
11. Singapore Gift Card Market Size and Forecast, 2018-2027
12. Singapore Entertainment and Gaming Prepaid Card Market Size and Forecast, 2018-2027
13. Singapore Teen and Campus Prepaid Card Market Size and Forecast, 2018-2027
14. Singapore Business and Administrative Expense Prepaid Card Market Size and Forecast, 2018-2027
15. Singapore Payroll Prepaid Card Market Size and Forecast, 2018-2027
16. Singapore Meal Prepaid Card Market Size and Forecast, 2018-2027
17. Singapore Travel Forex Prepaid Card Market Size and Forecast, 2018-2027
18. Singapore Transit and Tolls Prepaid Card Market Size and Forecast, 2018-2027
19. Singapore Healthcare and Wellness Prepaid Card Market Size and Forecast, 2018-2027
20. Singapore Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast, 2018-2027
21. Singapore Fuel Prepaid Cards Market Size and Forecast, 2018-2027
22. Singapore Utilities, and Other Prepaid Cards Market Size and Forecast, 2018-2027
23. Further Reading

For more information about this report visit https://www.researchandmarkets.com/r/b9e1fz

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Attachment

• Singaporean Prepaid Card and Digital Wallet Market

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