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Singapore

Mobile Commerce Clusters

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Mobile Commerce Clusters
Measures partnerships among banks, mobile networks, and governments.
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Environment

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Environment
Measures economic, technological, and demographic factors within a market.
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Infrastructure

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Infrastructure
Measures the sophistication and penetration of the mobile phone industry and NFC terminalization.
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45.6

Consumer Readiness

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Consumer Readiness
Measures how familiar with, how willing to use, and how frequently consumers are currently using all three types of mobile payments.
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Financial Services

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Financial Services
Measures the effectiveness and penetration of consumer financial products.
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Regulation

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Regulation
Measures legal and regulatory structures and how they affect businesses.
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Summary

Singapore's overall score of 45.6 and leading position in the MasterCard Mobile Payments Readiness Index is a testament to the country's strengths in several areas. With an efficient regulatory system and mobile phone infrastructure, as well as financial services that get high marks, Singapore is the market most ready for mobile payments in the short term. However, consumers have not yet caught up with the infrastructure. Their willingness to adopt mobile payments and current frequency of use lags behind some less developed – sometimes much less developed – global economies.

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What you need to know:

Singapore's strong regulatory and financial systems make it the leader in the MasterCard Mobile Payments Readiness Index
Singapore's consumers are less positive about mobile payments compared with other markets
m-commerce is most popular in Singapore, where 23% of consumers are willing

Country Overview

Market Forces

Many signs point to Singapore as a leader in the field of mobile payments. One hundred percent of the population is covered by mobile networks, mobile phones are popular, and government agencies are coordinating efforts with banks and mobile network operators to develop mobile payments solutions. In addition, Singapore boasts high per capita personal consumption metrics, and has a legal and regulatory framework that is highly efficient in managing disputes. This environment seems ripe for mobile payments.

Singapore's #1 position is a testament to the country's strengths in several areas.

Consumer Sentiment

Mobile payments are not wholly determined by affluent populations and efficient regulations. Ultimately, consumers must be familiar with and willing to use mobile payments. The consumers who are interested in mobile payments are broadly similar from a demographic perspective, regardless of mobile payment type:

They are predominantly young professionals (aged 25 to 34 years) with high income, but they are mainly interested in m-commerce. Consumers in Singapore are willing and frequent users of m-commerce shopping, where they use their phones to browse the Internet and make purchases. They are less willing to use their phones for remittance payments or at the point of sale.

© MasterCard

GLOBAL PERSPECTIVE ON CONSUMER SENTIMENT IN SINGAPORE

Relative to the Index average and leading countries, how do consumers feel about mobile payments?

54% - France
Country Score Index Average Leading Country

MasterCard Conclusion

MasterCard believes that while Singapore is well positioned for all types of mobile payments in the future, more of an effort needs to be made to communicate the value of mobile payments to consumers. Consumer interest in and use of m-commerce in Singapore taps into the value of convenience. As the government invests in coordinating efforts among the various mobile payments players to expand into using mobile payments at POS, consumers will be able to take advantage of this broadened opportunity.

45.6
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