Who are the key players in Singapore’s mobile payment industry?

The past few months have seen an upsurge in discussions relating to the mobile payments industry in Singapore. Battle lines have been drawn between those who support the government’s decision to develop Singapore into a cashless society and those who prefer to throw caution to the winds. No matter which side you identify with, it cannot be denied that the number of entrants into the market has drastically increased in a relatively short span of time, causing no small amount of confusion.

On the one hand, we have established players like Alipay and WeChat Pay entering the fray. Both payment behemoths have impeccable track records in China, together holding a staggering 94% share of the USD$8 trillion market. Both companies are also in the process of overseas expansion, with neighbouring countries Malaysia, Thailand and Japan in their crosshairs.

Other household brands like Apple and Samsung have also come up with their own payment systems in a bid to capture a share of the lucrative payments industry. If you do not own an Apple or Samsung smartphone, fret not. Google has developed its own Android Pay, that will work on any Android phone if it has NFC wireless technology embedded .

On the home front, we have Nets which recently launched its e-payment app NetsPay that will allow users to use the QR code to make e-payments.

Banks have also ventured into the mobile payments space. DBS has launched PayLah! and OCBC has Pay Anyone. If that is not enough to confuse you, seven banks have come up with PayNow , an enhanced peer-to-peer funds transfer service available to customers from Citibank, DBS, HSBC, Maybank, OCBC, Standard Chartered and UOB. In a strange twist of fate, gaming company Razer has also come up with its own Razerpay.

Given the flood of payment companies entering the local market, it is no surprise that consumers are thoroughly spoilt for choice. However, this is not necessarily a good thing. Having too many players in the market runs the risk of diluting and wasting precious state resources, which have to be funnelled towards developing different projects run on an array of different platforms. The nascent mobile payments industry in Singapore is very much in its infancy, as one reporter from Channelnewsasia found out. Indeed, the government’s approach in streamlining the number of players in the market can be lauded as a positive step in the right direction.

As we see mobile payments begin to seep into every aspect of our society, from the payment of parking charges to ‘banking’ the unbanked migrant workers, the challenge would lie in creating a seamless and efficient payment system that works across a multitude of hidden platforms. Only then can the naysayers be convinced that the cashless revolution is here to stay.

About FOMO Pay Pte. Ltd

FOMO Pay is an authorized partner of WeChat Pay, Alipay, UnionPay, Baidu Wallet & BestPay in Southeast Asia, and was selected as one of the Top 100 Asian Companies by e27, Top 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program, Top Fintech Startups in Singapore by Fintech Asia. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from China market, including Chinese tourists. This comprises of online payment and in-store payment modes. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.