Singapore – A new survey from YouGov notes that DBS Paylah! was the most viewed payment provider by Singaporean consumers over the past 12 months, followed by Visa; in terms of which payment brand has the strongest brand equity amongst consumers in Singapore.
According to the survey, DBS Paylah! achieved the highest index score (27.5) in contrast to other payment provider players. For context, the index score is 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).
The survey also noted that 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.
In terms of advertising awareness amongst consumers, DBS Paylah! Still ranked first, with almost one in four (24.2%) consumers, on average over the past year, recalled seeing its ads. Meanwhile, 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%).
Continuing on ad awareness, DBS Paylah! was the only leading payment provider that saw a year-on-year improvement in its 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%).
Lastly, 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%).
