Singapore Buy Now Pay Later Market Introduction and Overview
According to SPER Market Research, the Singapore Buy Now Pay Later Market is estimated to reach USD 3806.55 Million by 2033 with a CAGR of 11.6%.
The report includes an in-depth analysis of the Singapore Buy Now Pay Later Market, including market size and trends, product mix, applications, and supplier analysis. The term "buy now pay later" (BNPL) describes financial services that let customers make upfront purchases of items and postpone making payments. It is made up of a number of steps and parts, including application procedures, retail partners, payment systems, credit evaluation, repayment plans, and interest charges. BNPL is frequently used to pay for consumer goods, apparel, furniture, cars, medical services, getaways, airline tickets, lodging, and internet shopping. It is a very helpful service that gives customers financial freedom, increases convenience, lessens financial constraints, and enables them to purchase upscale and premium goods.
- March 2022: A well-known participant in the Singaporean BNPL market, Pace Enterprise (Pace), purchased Rely, a regional FinTech firm offering BNPL services. The goal of Atome's acquisition of Rely was to improve and grow its merchant network.
Market Opportunities and Challenges
"Buy now, pay later" (BNPL) services have become more popular in Singapore's booming e-commerce scene. A growing number of people are taking advantage of BNPL services, which provide flexible financing options for online purchases with interest-free installments, as Singapore moves closer to being a cashless society. A wide range of people are drawn to these services, but risk-averse millennials in particular. As a result of incentives like cashback benefits from websites like Hoolah and Rely, Singaporeans are embracing BNPL at an increasing rate. Unexpectedly, 48% of Singapore's purchases totaling SGD 100 or less use BNPL for smaller transactions. This is in line with the general belief held by Singaporeans, who would rather pay for large purchases up front in order to prevent debt from accumulating. Notwithstanding worries about possible societal hazards including excessive spending, Singapore's e-commerce industry is thriving. The BNPL market plays a pivotal role in Singapore's dynamic e-commerce landscape.
The Singapore buy now pay later (BNPL) sector is constrained by regulatory worries about BNPL services. Although BNPL is becoming more and more popular, Singaporean authorities are aware of the possible concerns, particularly with relation to overspending and debt buildup. In order to guarantee ethical lending practices, the Monetary Authority of Singapore (MAS) intends to evaluate regulatory procedures. These worries may give rise to prospective regulatory modifications that could affect the BNPL market. In order to maintain the expansion of the BNPL market and to guarantee consumer protection and financial stability, it will be imperative that Singapore addresses these regulatory problems as it moves closer to being a cashless society.
Market Competitive Landscape
The major key players in the Singapore Buy Now Pay Later Market are: Atome, CashShield, GrabPay, Hoolah, Oxicash, Quadpay, Razer Fintech, Rely, Split, Others. These businesses use a range of tactics, such as partnerships, joint ventures, licence agreements, mergers and acquisitions, and the introduction of new products, to increase their market share.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Channel, By Enterprise Type, By End User
|
| Regions covered | Eastern Region, Northern Region, Southern Region, Western Region
|
| Companies Covered | Atome, CashShield, GrabPay, Hoolah, Oxicash, Quadpay, Razer Fintech, Rely, Split, Others.
|
COVID-19 Impact on Singapore Buy Now Pay Later Market
The COVID-19 pandemic has provided a boost to the Buy Now Pay Later (BNPL) sector in Singapore. When lockdowns occurred, there was a spike in demand for BNPL services as people looked for flexible payment methods for online transactions. However, there was more prudence in spending due to changes in consumer purchasing patterns and economic uncertainty. Additionally, regulatory bodies started paying closer attention to the BNPL industry and emphasised prudent lending procedures. The pandemic-induced economic instability and heightened regulatory scrutiny presented obstacles to the BNPL market's continued expansion, notwithstanding its early surge. For it to continue on its current path, convenience and ethical lending practices needed to be balanced.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- Others
Our in-depth analysis of the Singapore Buy Now Pay Later Market includes the following segments:
|
By Channel: |
Online
Point of Sale (POS)
|
|
By Enterprise Type: |
Large Enterprises
Small & Medium-sized Enterprises (SMEs)
|
|
By End User: |
Consumer Electronics
Fashion & Garment
Healthcare
Media & Entertainment
Retail
|
Key Topics Covered in the Report
- Singapore Buy Now Pay Later Market Size (FY’2024-FY’2033)
- Overview of Singapore Buy Now Pay Later Market
- Segmentation of Singapore Buy Now Pay Later Market By Channel (Online, Point of Sale)
- Segmentation of Singapore Buy Now Pay Later Market By Enterprise Type (Large Enterprises, Small & Medium-sized Enterprises)
- Segmentation of Singapore Buy Now Pay Later Market By End User (Consumer Electronics, Fashion & Garment, Healthcare, Media & Entertainment, Retail)
- Statistical Snap of Singapore Buy Now Pay Later Market
- Expansion Analysis of Singapore Buy Now Pay Later Market
- Problems and Obstacles in Singapore Buy Now Pay Later Market
- Competitive Landscape in the Singapore Buy Now Pay Later Market
- Impact of COVID-19 and Demonetization on Singapore Buy Now Pay Later Market
- Details on Current Investment in Singapore Buy Now Pay Later Market
- Competitive Analysis of Singapore Buy Now Pay Later Market
- Prominent Players in the Singapore Buy Now Pay Later Market
- SWOT Analysis of Singapore Buy Now Pay Later Market
- Singapore Buy Now Pay Later Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Singapore Buy Now Pay Later Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Buy Now Pay Later Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Buy Now Pay Later Market
7. Singapore Buy Now Pay Later Market, By Channel (USD Million)
7.1. Singapore Buy Now Pay Later Market Value Share and Forecast, By Channel, 2024-2033
7.2. Online
7.3. Point of Sale (POS)
8. Singapore Buy Now Pay Later Market, By Enterprise Type (USD Million)
8.1. Singapore Buy Now Pay Later Market Value Share and Forecast, By Enterprise Type, 2024-2033
8.2. Large Enterprises
8.3. Small & Medium-sized Enterprises (SMEs)
9. Singapore Buy Now Pay Later Market, By End User (USD Million)
9.1. Singapore Buy Now Pay Later Market Value Share and Forecast, By End User, 2024-2033
9.2. Consumer Electronics
9.3. Fashion & Garment
9.4. Healthcare
9.5. Media & Entertainment
9.6. Retail
10. Singapore Buy Now Pay Later Market Forecast, 2020-2033 (USD Million)
10.1. Singapore Buy Now Pay Later Market Size and Market Share
11. Singapore Buy Now Pay Later Market, By Channel, 2020-2033 (USD Million)
11.1. Singapore Buy Now Pay Later Market Size and Market Share By Channel (2020-2027)
11.2. Singapore Buy Now Pay Later Market Size and Market Share By Channel (2028-2033)
12. Singapore Buy Now Pay Later Market, By Enterprise Type, 2020-2033 (USD Million)
12.1. Singapore Buy Now Pay Later Market Size and Market Share By Enterprise Type (2020-2027)
12.2. Singapore Buy Now Pay Later Market Size and Market Share By Enterprise Type (2028-2033)
13. Singapore Buy Now Pay Later Market, By End User, 2020-2033 (USD Million)
13.1. Singapore Buy Now Pay Later Market Size and Market Share By End User (2020-2027)
13.2. Singapore Buy Now Pay Later Market Size and Market Share By End User (2028-2033)
14. Singapore Buy Now Pay Later Market, By Region, 2020-2033 (USD Million)
14.1. Singapore Buy Now Pay Later Market Size and Market Share By Region (2020-2027)
14.2. Singapore Buy Now Pay Later Market Size and Market Share By Region (2028-2033)
14.3. Eastern Region
14.4. Northern Region
14.5. Southern Region
14.6. Western Region
15. Company Profile
15.1. Atome
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. CashShield
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. GrabPay
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Hoolah
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Oxicash
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Quadpay
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Razer Fintech
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Rely
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Split
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
