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Report Description

According to PayNXT360’s Q4 2021 BNPL Survey, BNPL payment in Singapore is expected to grow by 52.6% on annual basis to reach US$ 773.9 million in 2022.

Medium to long term growth story of BNPL industry in Singapore remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 25.5% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 507.2 million in 2021 to reach US$ 3022.3 million by 2028.

In Singapore, consumers are increasingly shifting to e-commerce platforms to complete their purchases in the midst of the global pandemic. This has resulted in the widespread adoption of BNPL services. With the trend expected to continue over the next four to eight quarters, PayNXT360 expects more regional and global players to launch their BNPL product for consumers in Singapore from the short to medium-term perspective. This will subsequently support the growth of the overall BNPL industry in Singapore.

Singapore-based BNPL startups are raising funds to expand their business

The strong growth witnessed by the BNPL market over the last few quarters in Singapore has made the country ripe for the rise of BNPL startups, and venture capital firms are ready to back them up. For instance,

• In November 2021, Singapore-based BNPL startup, Pace, announced that the firm had raised US$40 million from global investors. Notably, the series A funding round pulled in investors such as South Korea's Atinum Partners and Japan's Marubeni Ventures. With the backing of global investors, the firm is planning to use the capital for expanding its operations, technology, and business development.
• In addition to extending its services in the four markets, the firm is also considering global expansion, including in markets such as Japan, South Korea, and Taiwan, over the next four to eight quarters.

Payment companies are launching commercial BNPL products in Singapore

In Singapore, there is a growing interest in commercial BNPL products. Installment products for small businesses are likely to attract payment companies to launch BNPL products in this segment. For instance,

• In November 2021, Mastercard launched a commercial BNPL product in Singapore. The commercial BNPL card will allow small businesses with flexible financing options, allowing them to convert any purchase from 80 million merchants worldwide, wherever Mastercard is accepted, into periodic or monthly installments.
• As small and medium enterprises are dealing with financial uncertainty, the new BNPL card is expected to drive Mastercard’s expansion strategy in Singapore.

Conventional banks are launching BNPL product through long term partnership deals

The strong growth in the BNPL market across Asia has even caught the eye of traditional banking players. As a result, banks are entering into strategic alliances with BNPL platforms in Singapore to ride on the growing BNPL trend. For instance,

• In October 2021, Standard Chartered Bank announced that the firm has entered into a 10-year strategic partnership with Singapore-based BNPL platform Atome. The strategic alliance with Atome has made Standard Chartered one of the first major banks to unveil a significant foray in the Asian BNPL sector. Notably, Standard Chartered invested an undisclosed amount in Atome, which provides BNPL services across all major Southeast Asian markets.

Scope

This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Singapore. Below is a summary of key market segments:
Singapore BNPL Market Size and Spending Pattern
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Singapore Buy Now Pay Later Operational KPIs
• Buy Now Pay Later Revenues, 2019 – 2028
• Buy Now Pay Later Share by Revenue Segments
• Buy Now Pay Later Merchant Commission, 2019 – 2028
• Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
• Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
• Buy Now Pay Later Accounts, 2019 – 2028
• Buy Now Pay Later Bad Debt, 2019 – 2028
Singapore Buy Now Pay Later Market Share Analysis by Key Players
Singapore Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
• Online Channel
• POS Channel
Singapore Buy Now Pay Later in Retail Shopping: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Singapore Buy Now Pay Later in Home Improvement: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Singapore Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Singapore Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Singapore Buy Now Pay Later in Other: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Singapore Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
• Buy Now Pay Later Sales Uplift by Product Category
• Buy Now Pay Later Spend Share by Age Group
• Buy Now Pay Later Gross Merchandise Share by Income
• Buy Now Pay Later Gross Merchandise Value Share by Gender
• Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

Reasons to buy

• In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.

• Insights into Opportunity by end-use sectors – Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.

• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.

• Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.

• Market Share by Key Players

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目次

1. About this Report
1.1 Summary
1.2 Methodology
1.3 Disclaimer

2. Singapore BNPL Market Size and Future Growth Dynamics
2.1 Consumer Behavior
2.2 Competitive Landscape and Growth Strategies
2.3 Market Share
2.4 Regulatory Trends

3. Singapore Buy Now Pay Later Industry Attractiveness
3.1 Singapore Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2019-2028
3.2 Singapore Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2019-2028
3.3 Singapore Buy Now Pay Later – Transaction Volume Trend Analysis, 2019-2028

4. Singapore Buy Now Pay Later Operational KPIs
4.1 Buy Now Pay Later Revenues, 2019 – 2028
4.2 Buy Now Pay Later Share by Revenue Segments
4.3 Buy Now Pay Later Merchant Commission, 2019 – 2028
4.4 Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
4.5 Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
4.6 Buy Now Pay Later Accounts, 2019 – 2028
4.7 Buy Now Pay Later Bad Debt, 2019 – 2028

5. Singapore Buy Now Pay Later Spend Analysis by Channel
5.1 Buy Now Pay Later Market Share by Channel, 2019 – 2028
5.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2019 – 2028
5.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2019 – 2028

6. Singapore Buy Now Pay Later Snapshot by End-Use Sector
6.1 Buy Now Pay Later Market Share by End-Use Sector – Emerging Avenues and Future Growth Prospects
6.2 Buy Now Pay Later Sales Uplift by End-Use Sector
6.3 Buy Now Pay Later Share by Retail Product Category

7. Singapore Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019 – 2028
7.1 Singapore Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2019-2028
7.2 Singapore Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2019-2028
7.3 Singapore Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2019-2028

8. Singapore Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2019 – 2028
8.1 Singapore Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2019-2028
8.2 Singapore Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2019-2028
8.3 Singapore Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2019-2028

9. Singapore Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast, 2019 – 2028
9.1 Singapore Buy Now Pay Later Leisure & Entertainment – Gross Merchandise Value Trend Analysis, 2019-2028
9.2 Singapore Buy Now Pay Later Leisure & Entertainment – Average Value Per Transaction Trend Analysis, 2019-2028
9.3 Singapore Buy Now Pay Later Leisure & Entertainment – Transaction Volume Trend Analysis, 2019-2028

10. Singapore Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019 – 2028
10.1 Singapore Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2019-2028
10.2 Singapore Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2019-2028
10.3 Singapore Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2019-2028

11. Singapore Buy Now Pay Later in Other Segment: Market Size and Forecast, 2019 – 2028
11.1 Singapore Buy Now Pay Later Other Segment – Gross Merchandise Value Trend Analysis, 2019-2028
11.2 Singapore Buy Now Pay Later Other Segment – Average Value Per Transaction Trend Analysis, 2019-2028
11.3 Singapore Buy Now Pay Later Other Segment – Transaction Volume Trend Analysis, 2019-2028

12. Singapore Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
12.1 Buy Now Pay Later Spend Share by Age Group
12.2 Buy Now Pay Later Gross Merchandise Share by Income
12.3 Buy Now Pay Later Gross Merchandise Value Share by Gender
12.4 Buy Now Pay Later Adoption Rationale

13. Further Reading
13.1 About PayNXT360
13.2 Related Research