INTHEBLACK August 2022 - Magazine - Page 13
SUNDAR PICHAI
“You have to encourage innovation...One of the counterintuitive things
is companies become more conservative as they grow. You have
a lot more cash, you have a lot more resources but, you know,
companies tend to become more conservative in their decision-making.”
CEO OF GOOGLE
Source: Stanford University
RISE IN
ARREARS
Australian businesses are
waiting longer to pay their
invoices.
SINGAPOREANS SHOW THEIR CARDS
Card payments are a popular choice
among Singaporeans, with almost six
point-of-sale terminals for every 100
individuals in 2021. Singapore’s credit
and debit card payment market is set to
grow further, amid improving economic
conditions and rising consumer spending
following the pandemic.
Results from GlobalData’s payment cards
analytics forecasts the market growing
at a compound annual growth rate of
6.5 per cent in 2021-2025, to reach
S$80.6 billion (A$84.5 billion) in 2025.
“Singaporeans prefer credit cards for
payments, mainly due to value-added
The June 2022 Business Risk
Index from credit monitoring
firm CreditorWatch shows
the proportion of businesses
with payments in arrears
by 60 days or more had
increased in almost every
industry sector. Construction
remains the sector with
the longest payment times,
with most firms in arrears
by 60 days or more and
11.9 per cent of buildingrelated businesses behind
on their payments in June.
The index notes that the
data could be the “canary in
the coalmine” that indicates
businesses are beginning to
feel more financial distress
and are conserving cash
where they can.
services such as reward points, discounts
on purchases at partner retailers,
instalment facilities and other benefits
associated with these cards,” says Ravi
Sharma, lead banking and payments
analyst at GlobalData.
“While the pandemic led to a decline in
overall consumer spending, it resulted in
a significant shift in consumer preferences
towards the use of non-cash methods of
payment.”
EXPLORE THE INDEX HERE
READ THE REPORT HERE
intheblack.cpaaustralia.com.au August 2022 13