Payments Regulation in Asia - CMSPI Whitepaper

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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