Market Share of Singapore Payments Industry
The Singapore payments market exhibits moderate competitiveness with key market players, including DBS PayLah, GrabPay, Paypal, Fave Pay, and Alipay. These companies are actively expanding their market presence, thereby contributing to the overall market growth. Furthermore, the government's proactive initiatives to promote digital payments are anticipated to intensify market competition in the foreseeable future.
In December 2022, DBS announced its partnership with the International Air Transport Association (IATA) to launch IATA Pay across three key Asian markets. This initiative commenced in Hong Kong and is scheduled to extend to Indonesia and Singapore in 2023. IATA Pay revolutionizes the way travelers purchase air tickets online by enabling direct debits from their bank accounts. This innovation enhances financial inclusion, particularly for consumers without access to credit or debit cards.
In November 2022, StraitsX and Grab unveiled their collaboration to trial Purpose Bound Money (PBM) with a selected group of 5,000 participants during the 2022 Singapore Fintech Festival. The PBM token offers an alternative digital currency for making payments and can be instantly transferred to a merchant's digital wallet, presenting an innovative payment solution.
Singapore Payments Market Leaders
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DBS Bank Ltd
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PayPal Holdings, Inc.
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Grab
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Fave
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Apple Inc.
*Disclaimer: Major Players sorted in no particular order
