Singapore Cards And Payments Market Research Report - By Cards (Debit Cards, Credit Cards, Prepaid Cards), Payment Terminals (POS And ATM's), Payment Instruments (Credit Transfers, Direct Debit, Cheques And Payment Cards), Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2024 to 2029)

Updated On: January, 2024
ID: 6618
Pages: 85

Singapore Cards and Payments Market Overview

Market Data Forecast’s 'Singapore Cards and Payments Market’ report provides insight into various payment card market trends and growth opportunities in Singapore along with complete information about different types of cards in the market. It also offers an epitomized assessment of the competitors in the market, influential marketing strategies, customer purchase patterns, adopted payment methods in the e-commerce industry and significant government regulations associated with the Singapore cards and payments market. Our report kindles the hidden opportunities with reliable information about the different types of cash transactions, volumes of cardholders, market share, current accounts, growth in the number of cards, credit cards outstanding balances, transactional values, details of the issuers along with available banking schemes and futuristic analysis of Singapore Cards and Payments Market.

Key Statistics:

  • Existing and future values of debit cards, charge and credit cards, and others in every market of the payment cards industry of Singapore.
  • Information on the alternative payment options of the country, including the highlights of existing instruments like credit transfers, cheques, direct debit and cash payments.
  • Prospects of the online sales market in the country, along with a focus on different growth drivers and government regulations in the cards and payment industry of the country.
  • Various marketing strategies of banking and financial institutions for promoting their payment cards.

Singapore Cards & Payments Market - Highlights           

  • Forecast of credit card transactions incoming which is anticipated to fall from 60% of the current overall market share to 36% as per the statistics of Worldpay, whereas, debit card transactions are expected to rise.
  • The market trends with all types of payment options like debit cards, online transfers and cash on delivery, which are expected to double their current growth from 9% as per WorldPay. E-wallet estimated a flat growth to contribute 10%.
  • Various initiatives, for instance, NETS Unified POS system to integrate multiple payment mechanisms into one to avoid the struggle with multiple cards and encourage cashless transactions. The total number of card transactions is expected to reach 1,027 million by 2020 with a CAGR close to 5%.
  • The initiation of smartphone manufacturer wallets like Samsung Pay, Apple Pay, etc. pulled more number of the youth population toward their use affecting the current domination of debit card purchases and, thereby, the cards and payment market of Singapore.

Recent Developments:

The launch of alternative payments like Apple Pay, Samsung Pay and Android Pay has altered the competitive landscape of Singapore. To capitalize on the growing trend, various regional banks and telecom providers are introducing their own payment solutions. For instance, in November 2016, Liquid Group introduced the Liquid Pay mobile wallet and reintroduced Dash in May 2016, with the support of telecom operator Singtel and banks like Standard Charted Bank, Citibank, DBS Bank, OCBC Bank, and UOB.

The contactless payment technology has been growing tremendously in the payment cards industry of Singapore due to the introduction of contactless cards by leading banks like DBS Bank, UOB, OCBC Bank, and Citibank. UOB lifted the limitations on the transactions of SGD 100 (USD 69.1) for contactless payments in May 2016 to encourage more consumers toward its use. At the same time in June 2016, DBS Bank raised its payment limit for contactless cards from SGD 100 to SGD 200 (USD 138.2). Other banking firms are also planning to increase the contactless payment limit to attract more customers.

To add more, the Land Transport Authority of Singapore (LTA) has launched a pilot program in partnership with Mastercard to allow contactless payments of passengers for public transportation, using their credit or debit cards. Based on the feedback of this program, the system will be introduced in various locations of the country similar to transit payments in London and Sydney, promoting contactless transactions in Singapore.

Some of the Dominating players in the Market:

  1. DBS Bank
  2. United Overseas Bank
  3. Oversea-Chinese Banking Corporation Limited
  4. Citibank Singapore
  5. Standard Chartered Bank                            

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