Dublin, Feb. 27, 2026 (GLOBE NEWSWIRE) — The “Singapore Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook – Q1 2026 Update” report has been added to ResearchAndMarkets.com’s offering.
The Singapore prepaid card and digital wallet market is expected to grow by 11.2% on annual basis to reach US$10.74 billion in 2026.
The prepaid card and digital wallet market in the country has experienced robust growth during 2021-2025, achieving a CAGR of 14.6%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 9.6% during 2026-2030. By the end of 2030, the prepaid card and digital wallet market is projected to expand from its 2025 value of USD 9.66 billion to approximately USD 15.51 billion.
Singapore’s prepaid-card activity is anchored in transit stored value that is being re-shaped by platform consolidation under SimplyGo and multi-currency prepaid cards used for travel and cross-border ecommerce spend. Over the next phase, the category’s direction is increasingly determined by app-led servicing, tokenisation / mobile-wallet usage, and MAS operating expectations for payment service providers rather than by incremental “new plastic” issuance.
In parallel, Singapore’s payments ecosystem is pushing higher limits and contactless usage norms, which reinforces prepaid utility for low-friction daily spend when the product is wallet-ready and operationally reliable. NETS’ announcement, effective from 16 July 2025, increasing the NETS Contactless transaction limit to S$200, is one example of how acceptance conditions in Singapore keep evolving, shaping how prepaid instruments are used at the point of sale.
Current state of prepaid card
- Singapore prepaid cards are concentrated in two lanes: transit stored-value cards managed under SimplyGo, and multi-currency prepaid cards used for travel/cross-border ecommerce. The transit lane is being operationally reshaped by planned servicing consolidation, including SimplyGo’s stated EZ-Link app phase-out starting 10 December 2025.
- The operating context is also shaped by MAS expectations for payment service providers, which affect governance, controls, and ongoing obligations for payment products that sit within regulated payment services activity. MAS’s PSN01 amendment (dated 30 June 2025; effective 1 July 2025) is a concrete recent change that informs compliance baselines for specified payment services.
Key players and new entrants
- On the transit/stored-value side, the competitive centre of gravity lies with the SimplyGo/EZ-Link ecosystem servicing, as it governs key end-user journeys (management and migration) for stored-value transit cards. That means differentiation is less about issuing “another transit prepaid card” and more about integration and service quality within the dominant platform workflow.
- On the multi-currency prepaid side, YouTrip (You Technologies Pte. Ltd., Singapore) remains a visible player positioning its prepaid Mastercard for cross-border spend; its Singapore materials describe the prepaid card model and top-up options (including PayNow). Competition in this lane includes other multi-currency propositions referenced in Singapore-facing comparisons (e.g., Revolut, Wise, Amaze), but YouTrip is one of the few with a clearly stated Singapore-operated prepaid Mastercard construct in recent local materials.
Platform consolidation in transit prepaid servicing shifts user behaviour toward SimplyGo-managed journeys
- Transit-linked prepaid in Singapore is moving toward fewer official servicing surfaces, with the SimplyGo ecosystem consolidating app-based management of stored-value cards. SimplyGo states the EZ-Link app will be progressively phased out starting 10 December 2025, signalling a continued shift toward a single account-based servicing model for transit value (top-ups, transaction visibility, and support workflows).
- The driver needs to standardise day-to-day servicing and reduce duplicated user journeys across multiple apps while maintaining operational consistency of transit payments. This aligns with LTA’s SimplyGo direction and reduces fragmentation for stored-value users who need dependable top-up and transaction tracking.
- Expect transit-prepaid usage to be shaped more by platform rules and servicing reliability than by issuer-led product variation. This is likely to intensify as consolidation completes and more cardholders migrate to the “single app + account-based management” workflow.
Multi-currency prepaid cards expand the share of cross-border ecommerce and travel spend
- Prepaid growth in Singapore is visible in multi-currency prepaid propositions that let users preload value, manage currencies in-app, and spend online/in-store using a prepaid network card. YouTrip positions itself as a multi-currency wallet paired to a prepaid Mastercard for overseas and cross-border spend, with PayNow and card-based top-up options described in its Singapore materials.
- The driver is Singapore consumers’ sustained cross-border purchase behaviour (travel plus international ecommerce) and the preference for fast onboarding with app controls (freeze/unfreeze, spend visibility). Competition in this lane largely centres on onboarding, FX/spread mechanics, and acceptance/tokens rather than the distribution of physical cards.
- This trend is expected to continue, as multi-currency prepaid remains a direct fit for cross-border spend and can iterate quickly through software releases. Competitive pressure should concentrate on economics (pricing), controls, and wallet provisioning rather than on broadening “prepaid categories.”
Higher contactless limits and everyday acceptance depth support prepaid usage where products are “tap-ready”
- Singapore’s acceptance environment continues to normalise higher-value contactless transactions, which support prepaid cards that are provisioned and used as contactless instruments. NETS announced an increase in the NETS Contactless transaction limit to S$200 from 16 July 2025, applicable to prepaid cards in everyday retail settings where NETS contactless acceptance is used.
- The driver is the merchant and consumer preference for faster checkout and fewer payment steps, particularly in high-throughput retail categories. Acceptance-side policy changes (limits, contactless enablement) can materially change how often prepaid is selected at the point of sale.
- Prepaid programs that are not contactless- and wallet-ready will be disadvantaged relative to products designed for tap-to-pay norms. Expect issuers/programs to prioritise provisioning, dispute handling, and transaction visibility to keep pace with the higher frequency of contactless transactions.
MAS operating expectations raise the compliance and governance bar for prepaid-linked payment services
- Singapore’s regulatory baseline for payment services (which can include stored-value and wallet-linked card models) continues to evolve, pushing stronger AML/CFT and governance expectations. MAS updated Notice PSN01 with an amendment dated 30 June 2025, effective 1 July 2025, that provides a recent compliance anchor for specified payment services.
- The driver is system-level risk control as payment products scale and add more digital features (remote onboarding, faster transfers, cross-border usage). MAS also sets out ongoing requirements for payment service providers (e.g., safeguarding of customer monies and recordkeeping), shaping how prepaid-linked models are operated in practice.
- Compliance execution becomes a differentiator: programs with weaker controls will face constraints on scaling partnerships and feature expansion. This is likely to intensify because product innovation increases monitoring demands and audit expectations.
How the competitive landscape is expected to shape up (next 2-4 years)
- Competition is likely to tighten around who owns the primary user journey: transit prepaid will be shaped by SimplyGo-led servicing workflows and reliability expectations, while multi-currency prepaid will compete on onboarding speed, spend controls, and cross-border economics. The EZ-Link app phase-out timetable is a clear indicator that platform consolidation will continue to influence user behaviour and servicing leverage.
- Regulatory execution will increasingly act as a filter for scaling: operators with stronger AML/CFT and ongoing controls will find it easier to expand features and partnerships. MAS’ PSN01 amendment and MAS guidance on ongoing requirements (including safeguarding and recordkeeping) signal that operational discipline will remain central to competitive positioning, not just product features.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 159 |
| Forecast Period | 2026 – 2030 |
| Estimated Market Value (USD) in 2026 | $10.74 Billion |
| Forecasted Market Value (USD) by 2030 | $15.51 Billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Singapore |
For more information about this report visit https://www.researchandmarkets.com/r/wsepj2
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- Singaporean Prepaid Card and Digital Wallet Market
