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E-Commerce Platforms and Gift Card Processing Platforms Collaborate to Launch Gift Card Programs

DUBLIN, March 16, 2022 /PRNewswire/ — 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 from ResearchAndMarkets.com offer.

The prepaid card market (in value) in Singapore increased at a CAGR of 9.5% over the period 2017-2021. During the forecast period of 2022 to 2026, the market is expected to register a CAGR of 11.5%, growing from US$7.68 billion in 2022 to reach US$11.89 billion by 2026.

Singapore aims to embrace electronic payments and phase out the use of cash. The country has observed that many fintech companies are expanding their business in 2021. Conventional banks are also focusing on digital wallets and innovative prepaid cards to compete with new era fintech companies. Strong growth in e-commerce has also propelled the growth of digital wallets and prepaid cards.

Banks launch multi-currency digital wallet for SMEs in Singapore

With the increasing adoption of electronic payments by consumers nationwide, banking service providers are launching multi-currency digital wallets to attract more customers.

  • In May 2021HSBC Singapore, has launched its first multi-currency digital wallet, HSBC Global Wallet, enabling SMEs to send and receive international payments.
  • The wallet allows users to access the bank’s existing commercial banking platform, HSBCnet, and international transactions.
  • Additionally, the wallet will allow SMB customers to send and receive money in multiple currencies.

Using the bank’s global payment network, SMEs will quickly and securely conduct transactions with their suppliers and customers around the world.

E-commerce platforms and gift card processing platforms are collaborating to launch gift card programs in Singapore

The gift card market is experiencing phenomenal growth worldwide. Therefore, online fashion and beauty platforms are launching their own gift card programs to grab a share of the growing market.

  • In May 2021e-commerce platform, Zalora, collaborated with gift card processing platform, Qwikcilver to launch the Zalora Gift Card in Singapore.
  • Shoppers can purchase any gift from the selection of brands with a gift card.
  • As an authorized distributor, Qwikcilver will distribute B2B gift cards on Zalora’s B2B channels and also develop new B2B distribution channels to expand the program.

Scope

Companies cited

  • NTUC FairPrice Co-operative Pte Ltd
  • Dairy Farm International Holdings Ltd
  • Shen Siong Supermarket Pte Ltd
  • Takashimaya Co Ltd
  • Mustafa Holdings Pte Ltd
  • Asia Courts Ltd
  • Al Futtaim Group LLC
  • Yamada Denki Co Ltd

Singapore Digital Wallet Market Size and Forecast

  • Transaction value trend analysis
  • Trading volume trend analysis
  • Average value per transaction

Singapore Digital Wallet Market Size and Forecast by Key Segments

  • Retail purchases (value, volume, average value)
  • Trip (value, volume, average value)
  • Entertainment and games (value, volume, average value)
  • Restaurant (value, volume, average value)
  • Recharge and Payment of bills (Value, Volume, Average Value)

Market attractiveness of prepaid card industry in Singapore

  • Load value trend analysis
  • Transaction value trend analysis
  • Trading volume trend analysis
  • Average value per transaction
  • Number of cards

Market Share Analysis by Functional Attributes – Open Loop vs Closed Loop, 2017 – 2026

Analysis of market shares by categories of prepaid cards

Future Growth Dynamics of Singapore Open Loop Prepaid Cards, 2017 – 2026

  • Transaction value trend analysis
  • Trading volume trend analysis
  • Average value per transaction
  • Number of cards

Future Growth Dynamics of Singapore Closed-Loop Prepaid Cards, 2017-2026

  • Transaction value trend analysis
  • Trading volume trend analysis
  • Average value per transaction
  • Number of cards

Usage trends for prepaid cards in Singapore

  • 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 Cards Market Size and Forecast

Singapore Teen and Campus Prepaid Cards Market Size and Forecast

Teen and Campus Prepaid Cards Market Size and Forecast by Functional Attribute

  • By Open Loop Teen and Campus prepaid card
  • By Closed Loop Teen and Campus prepaid card

Singapore Commercial and Administrative Expenditure Prepaid Cards Market Size and Forecast

  • By Small Scale Business Segment
  • By intermediate business segment
  • By business sector
  • By government segment

Singapore Prepaid Payroll Card Market Size and Forecast

  • By Small Scale Business Segment
  • By intermediate business segment
  • By business sector
  • By government segment

Singapore Prepaid Meal Cards Market Size and Forecast

  • By Small Scale Business Segment
  • By intermediate business segment
  • By business sector
  • By government segment

Singapore Travel Forex Prepaid Card Market Size and Forecast

  • By retail
  • By Small Scale Business Segment
  • By intermediate business segment
  • By business sector
  • By government segment

Singapore Prepaid Transit and Toll Cards Market Size and Forecast

Singapore Health and Wellness Prepaid Card Market Size and Forecast

Singapore Social Security and Other Government Benefit Programs Prepaid Cards Market Size and Forecast

Singapore Prepaid Fuel Card 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/7eexci

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