How do leading payment service providers in Singapore compare in their brand health over the past year?
In this article, we review data from YouGov BrandIndex – a syndicated brand tracker which continuously collects data on thousands of brands around the globe every day – to see which payment service providers enjoys the strongest brand equity among consumers in Singapore.
Which payment service provider was most favourably perceived by consumers in Singapore?
Among major payment providers in Singapore, DBS Paylah! was viewed most positively by consumers over the past 12 months. It achieved the highest Index score (27.5) – an overall measure of brand health, calculated as the average of its Impression, Quality, Value, Corporate Reputation, Customer Satisfaction and Recommendation scores.
Visa is the next most favourably viewed insurance brand (25.3) by consumers – followed by Mastercard (23.6), American Express (9.9) and UnionPay (1.3).
DBS Paylah! also saw the largest year-on-year improvement in Index scores (+0.5), ahead of UnionPay (+0.4).
In contrast, Mastercard (-2), Visa (-1.9) and American Express (-0.9) saw its average Index score dip year-on-year.
Which payment service provider’s advertisements were most noticed by consumers in Singapore?
DBS Paylah! also enjoyed the highest Advertising Awareness across major insurance brands in 2023.
Almost one in four (24.2%) consumers, on average over the past year, recalled seeing its ads.
Visa (12.3%) and Mastercard (10.1%), and had the next highest ad awareness, while less than a tenth of consumers recalled seeing advertisements from American Express (6.3%) and UnionPay (1.4%).
DBS Paylah! was the only leading payment provider that saw a year-on-year improvement in ad awareness (+2.8%).
American Express saw no change in its annualised ad awareness scores across years, while other payment providers registered a year-on-year dip in their advertising awareness: Mastercard (-1.8%), Visa (-1.2%) and UnionPay (-0.6%).
Which payment service provider did consumers in Singapore most consider using?
DBS PayLah! also enjoyed the highest Purchase Consideration across major payment providers in 2023.
When asked about which providers they were considering to process their next purchases, about two in five (41.4%) consumers, on average over the past year, selected DBS PayLah!.
In comparison, around a quarter say they were considering Visa (26%) and Mastercard (24.5%), while less than a tenth said the same for American Express (8.9%) and UnionPay (1.8%).
DBS PayLah! also saw the largest year-on-year improvement in Consideration scores (+2.8%), well ahead of UnionPay (+0.2%).
In contrast, consideration scores for other payment providers dipped year-on-year: Visa (-1.2%), Mastercard (-1.1%) and American Express (-0.9%).
Which other brands that top YouGov's 2023 brand equity rankings in other markets and sectors across APAC?
➤ NTUC Income and Great Eastern top YouGov’s brand equity ranking of insurers in Singapore across 2023
➤ Mama and Lay’s top YouGov’s brand equity ranking of packaged food brands in Thailand across 2023
➤ Mox and ZA Bank top YouGov’s brand equity ranking of virtual banks in Hong Kong across 2023
================
Access the YouGov Platform library for our latest reports and business intelligence – register your free account here.
Methodology: YouGov BrandIndex collects data on thousands of brands every day. Index scores, an overall measure of brand health, are an average of Impression, Quality, Value, Corporate Reputation, Customer Satisfaction and Recommendation scores. Advertising Awareness scores are based on the question: “Which of the following brands have you seen an advertisement for in the past two weeks?” (% Yes). Purchase Consideration scores are based on the question: “When you are next in market to purchase [product or service], from which of the following would you consider purchasing?” (% Yes). Learn more about BrandIndex.
Cover Photo by Tirachard
