Singapore Buy Now Pay Later Market Report 2022-2028: 75+ KPIs on BNPL Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics

DUBLIN, April 19, 2022 /PRNewswire/ -- The "Singapore Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.

BNPL payments in Singapore are 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, the publisher 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.

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. 

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. 

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

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

• Grab PayLater
• Atome
• Hoolah
• rely
• octifi
• FavePay Later
• Split
• Citi Bank
• convertCASH
• BridgerPay

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

For more information about this report or to enquire about the BNPL subscription which contains access to 45 BNPL country reports for 1 year, please visit https://www.researchandmarkets.com/r/ddgqr5

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SOURCE Research and Markets