64
Payments Regulation in Asia
payment on a mobile device. 175 This is especially significant considering that merchants traditionally needed several POS terminals to accept various card types. The need for and proliferation of POS terminals with ubiquitous card acceptance capabilities was a major element of MAS’s strategy. The growth of QR-code usage to facilitate card and account-based payments has alleviated some of the pressure on merchants to upgrade their POS hardware.
80%
70%
60%
Account-to-account (A2A) Buy now pay later (BNPL) Cash on Delivery (CoD)
50%
40%
Credit card Debit card Digital wallet Prepaid card
30%
20%
10%
0%
2017
2018
2019
2020
2021
2022
Figure 25. Singapore Ecommerce Payments Mix 176
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45
Buy now pay later (BNPL) Cash
Credit card Debit card
Digital wallet POS financing Prepaid card
2017
2018
2019
2020
2021
2022
Figure 26. Singapore POS Payments Mix (2017-2022) 177
175
Ibid
176
WorldPay-FIS Global Payments Report (2018-2023)
177
WorldPay-FIS Global Payments Report (2018-2023)
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