Payments Snapshot in Singapore: Coronavirus (COVID-19) Sector Impact

Payments Snapshot in Singapore: Coronavirus (COVID-19) Sector Impact

Summary

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. The virus has spread to 187 countries/regions with over 3.0 million confirmed cases, with its spread outpacing other major infectious outbreaks from the past.

The ongoing pandemic has affected Singapore’s economy, resulting in a slowdown in exports, disruptions in global supply chains, a fall in tourism, and a fall in the domestic consumption of goods and services. The country’s GDP has been revised downward for 2020 due to the economic disruption caused by Coronavirus.

Tourism is one of the most affected sectors in Singapore by this pandemic. According to the Singapore Tourism Board (STB), the country is losing nearly 18,000-20,000 international visitors every day since the outbreak of the virus.

This report focuses on the impact of the Coronavirus outbreak on both the economyand the cards and payments industry in Singapore. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.

Scope

- The panic buying of personal protective equipment such as masks began with the outbreak of COVID-19 in Singapore. This has prompted local retailers including NTUC FairPrice, Watsons, and Guardian to impose limits on the number of masks, hand sanitizers, and thermometers each consumer can buy.
- While cash payments are set to decline, a rise in contactless card and mobile-based payments is expected in Singapore. Similarly, online purchases are likely to see a surge, benefiting online payment solutions like PayPal, Visa Checkout, and Masterpass.
- Online retailers such as Carousell, Qoo10, Lazada, Amazon, and RedMart are trying to contribute in order to deal with the massive increase in shopping orders.

Reasons to Buy

- Make strategic decisions using top-level revised forecast data on Singapore's payment industry.
- Understand the key market trends, challenges, and opportunities in Singapore's cards and payments industry.
- Receive a comprehensive insight into payments market in Singapore.