The growth of Singapore card payments market is driven by the growing e-commerce industry, growing tourism, rising disposable income, new product launches and growth in retail sector. High internet penetration in the country is expected to encourage online sales, which is expected to contribute to the growth of card payments market in Singapore.
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A large tourist inflow in the country is expected to increase the demand for travel and transit cards. Also contactless payments, NFC payments and EMV cards are expected to support the growing card payments market in Singapore.
The credit card transactions were encouraged by growth in payment infrastructure (such as POS and ATM terminals), advanced card features (such as EMV technology) and promotional strategies offered by banks (such as cashback offers and reward programs). The credit cards transactions are primarily made at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. In 2014, value of transactions at POS terminals accounted for 95.7% of total credit card transactions in Singapore.
By scheme, the number of debit cards in circulation was dominated by NETS, with market share of 79%, followed by Visa with 12% market share in 2014. In credit card segment, Visa was a leading scheme with a market share of 57% of the total credit cards in circulation.
In debit card segment, DBS Bank was the leading card issuer in terms of the number of cards in circulation in 2014. The charge cards category represent a small portion of pay later card market, but is expected to gain momentum due to expected growth in volume of high net worth individuals during the period 2015 to 2020.
Key players in the debit and credit cards market include:
DBS Bank
Oversea-Chinese Banking Corporation
United Overseas Bank
Citibank
Standard Chartered Bank
HSBC
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Scope of Report
Singapore Cards and Payments market databook includes market size and forecast for the period 2010 to 2020 in terms of number of cards, value and volume of transactions processed through these cards. The databook also includes competitive landscape (card issuers in the country) for both debit cards and credit cards.
Key data points covered in the databook are:
Card Market – Debit cards and Credit cards
Number of cards
Number of transactions
Value of transactions
Frequency of use
Average transaction value
Card turnover
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Payment Market – ATM and POS terminals
Number of terminals
Number of transactions
Value of transactions
Frequency of use
Average transaction value
Card turnover
Competitive Landscape of Card Issuer – Debit card and Credit card
Number of cards
Number of transactions
Value of transactions
Credit card balance outstanding
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