Consumer Finance in Singapore
Euromonitor International's Consumer Finance in Singapore report establishes the size and structure of the market for ATMs, credit cards, debit cards, store cards and smart cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.
Buy online to access strategic market analysis and an interactive statistical database of value and volume for retail and internet transactions, number of cards in circulation and company brand shares.
Tables: 158 | Publication date: Feb 2009
Why buy this report
- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
- Identify market and brand leaders and understand the competitive environment
Product coverage
Consumer lending; Financial cards and payments
Executive summary
Financial card use continues to rise despite the threat of global recession
The property boom of 2007-2008 made many Singaporeans wealthier, despite inflationary pressures such as rising transport and food costs. Singapore’s employment rate remains comparatively healthy, with new graduates and job seekers are finding it easier to land jobs with higher salaries than they would have at the beginning of the 2003-2008 review period. Together with the introduction of new credit and debit cards targeted at consumers with different lifestyles and spending needs, these favourable economic conditions ensured that the adoption of financial cards in Singapore continued to grow strongly in 2008.
Banks target younger adults with new ‘lifestyle’ credit cards
The growing popularity of financial cards in Singapore is leading banks to launch more credit cards catering to younger working adults. These cards tend to feature eye-catching designs and offer a wide range of lifestyle rewards, benefits and privileges that appeal to younger age groups. In 2008, banks continued to launch and aggressively promote these cards through various media platforms. To encourage cashless spending and appeal to untapped consumer groups that did meet the income requirements for standard credit cards, such as students and lower income earners, banks also offered cards with a credit limit of S$500.
Motorists in Singapore can make ERP toll payments using ez-link cards
Traditionally, motorists in Singapore could only make electronic road pricing (ERP) toll payments with a Network for Electronic Transfers (NETS) CashCard. This changed in the last quarter of 2008, when EZ-Link Pte Ltd extended the function of its ez-link cards, allowing motorists to use them to pay tolls on various roads across Singapore. Ez-link cards were initially introduced as a means of payment for public transport in Singapore. EZ-Link has something of a competitive advantage over NETS in this regard, in that its ez-link cards have a dual function: they can be used to pay public transport fares as well as ERP toll payments.
Banks issues new credit and debit cards that also offer ez-link functions
Towards the end of the review period, a number of banks in Singapore introduced new debit and credit cards that also incorporated ez-link functions. The trend started when Citibank introduced SMRT debit and credit cards with ez-link functions. Other banks like United Overseas Bank (UOB) and Oversea-Chinese Banking Corp (OCBC) soon followed suit. With the majority of Singaporeans using public transport on a regular basis, this strategy gives banks access to a huge target consumer base, while also helping to increase spending on their credit and debit cards.
Wallets going cashless
As financial cards in Singapore continue to incorporate more functions, such as combination of ATM, debit, credit and also for transportation all-in-one, consumers are likely to apply for such cards for convenience of carrying only one card in their wallets. Card issuers are expected to lure new applications with more perks such as discounts, rebates or rewards. Such competition will not limit to credit cards only but also to debit cards as well as prepaid cards. Consumers are most likely to benefit most from these competitions in the forecast period.
Table of contents
CONSUMER FINANCE IN SINGAPORE : MARKET INSIGHT
EXECUTIVE SUMMARY
Financial card use continues to rise despite the threat of global recession
Banks target younger adults with new ‘lifestyle’ credit cards
Motorists in Singapore can make ERP toll payments using ez-link cards
Banks issues new credit and debit cards that also offer ez-link functions
Wallets going cashless
KEY TRENDS AND DEVELOPMENTS
Credit and debit card issuers offer lifestyle rewards to encourage spending
Growing desire for convenience leads to the wider use of co-branded cards
Use of financial cards among younger working adults is on the rise
2008 brings the entry of EZ-Link into the ERP payments arena
Smart cards are the way of the future in Singapore
Banks change their opening hours to cater to increasingly busy Singaporeans
MARKET DATA
Table 1 Consumer Payments: Value 2003-2008
Table 2 Financial Cards: Number of Cards in Circulation 2003-2008
Table 3 Financial Cards Transactions: Value 2003-2008
Table 4 Financial Cards: Number of Transactions 2003-2008
Table 5 Financial Cards: Number of Accounts 2003-2008
Table 6 Financial Cards: Number of Cards by Issuer 2003-2007
Table 7 Financial Cards: Number of Cards by Operator 2003-2007
Table 8 Financial Cards: Card Payment Transaction Value by Operator 2003-2007
Table 9 Financial Cards: Card Payment Transactions by Acquirer 2003-2007
Table 10 Consumer Payments Forecast: Value 2008-2013
Table 11 Financial Cards Forecast: Number of Cards in Circulation 2008-2013
Table 12 Financial Cards Forecast: Value 2008-2013
Table 13 Financial Cards Forecast: Number of Transactions 2008-2013
Table 14 Financial Cards Forecast: Number of Accounts 2008-2013
MARKET INDICATORS
Table 15 Number of POS Terminals 2004-2008
Table 16 Number of ATMs 2004-2008
Table 17 Disposable Income 2003-2008
Table 18 Value Lost to Fraud 2003-2008
Table 19 Acquirer Fraud 2003-2008
Table 20 Card Expenditure by Location 2008
Table 21 Card Expenditure by Sector 2008
Table 22 Financial Cards in Circulation by Type: % Number of Cards 2004-2008
Table 23 Domestic versus Foreign Spend 2008
DEFINITIONS
Summary 1 Research Sources
CONSUMER LENDING IN SINGAPORE
EXECUTIVE SUMMARY
Borrowers getting younger
Card lending showing the strongest growth in outstanding balances
Divorced individuals likely to miss credit card payments
Non-bank companies competing in lending industry
Property boom sees increase in mortgage loans
KEY TRENDS AND DEVELOPMENTS
Card lending becoming more popular
Property boom leading to an increase in mortgage loans
Average age of borrowers getting younger
Attractive loan offers to encourage consumer lending
Divorced individuals delay credit card bill payments
MARKET DATA
Table 24 Consumer Lending By Sector: Outstanding Balance: Value 2003-2008
Table 25 Consumer Lending By Sector: Outstanding Balance: % Value Growth 2003-2008
Table 26 Consumer Lending By Sector: Gross Lending: Value 2003-2008
Table 27 Consumer Lending By Sector: Gross Lending: % Value Growth 2003-2008
Table 28 Consumer Lending: Non-performing vs Other Loans 2003-2008
Table 29 Mortgages/Housing: Non-performing vs Other Loans 2003-2008
Table 30 Consumer Credit: Non-performing vs Other Loans 2003-2008
Table 31 Forecast Consumer Lending By Sector: Outstanding Balance: Value 2008-2013
Table 32 Forecast Consumer Lending By Sector: Outstanding Balance: % Value Growth 2008-2013
Table 33 Forecast Consumer Lending By Sector: Gross Lending: Value 2008-2013
Table 34 Forecast Consumer Lending By Sector: Gross Lending: % Value Growth 2008-2013
DEFINITIONS
Summary 2 Research Sources
LOCAL COMPANY PROFILES - SINGAPORE
DBS GROUP HOLDINGS LTD - FINANCIAL CARDS AND PAYMENTS - SINGAPORE
STRATEGIC DIRECTION
KEY FACTS
Summary 3 DBS Group Holdings Ltd: Key Facts
Summary 4 DBS Group Holdings Ltd: Operational Indicators 2005-2007
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 5 DBS Group Holdings Ltd: Competitive Position 2007
EZ-LINK PTE LTD (EZL) - FINANCIAL CARDS AND PAYMENTS - SINGAPORE
STRATEGIC DIRECTION
KEY FACTS
Summary 6 EZ-Link Pte Ltd: Key Facts
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 7 EZ-Link Pte Ltd: Competitive Position 2007
ISETAN CO LTD - FINANCIAL CARDS AND PAYMENTS - SINGAPORE
STRATEGIC DIRECTION
KEY FACTS
Summary 8 Isetan Co Ltd: Key Facts
Summary 9 Isetan Co Ltd: Operational Indicators 2005-2007
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 10 Isetan Co Ltd: Competitive Position 2007
OVERSEA-CHINESE BANKING CORP LTD (OCBC BANK) - FINANCIAL CARDS AND PAYMENTS - SINGAPORE
STRATEGIC DIRECTION
KEY FACTS
Summary 11 Oversea-Chinese Banking Corp Ltd (OCBC Bank): Key Facts
Summary 12 Oversea-Chinese Banking Corp Ltd (OCBC Bank): Operational Indicators 2005-2007
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 13 Oversea-Chinese Banking Corp Ltd (OCBC Bank): Competitive Position 2007
UNITED OVERSEAS BANK LTD - FINANCIAL CARDS AND PAYMENTS - SINGAPORE
STRATEGIC DIRECTION
KEY FACTS
Summary 14 United Overseas Bank Ltd: Key Facts
Summary 15 United Overseas Bank Ltd: Operational Indicators 2005-2007
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 16 United Overseas Bank Ltd: Competitive Position 2007
ATM TRANSACTIONS IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 35 ATM Cards Sector Performance: 2003-2008
Table 36 ATM Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 37 ATM Cards Sector Performance: % Growth 2003-2008
Table 38 ATM Cards in Circulation Sector Performance: % Growth 2003-2008
Table 39 ATM Cards Forecast Sector Performance: 2008-2013
Table 40 ATM Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 41 ATM Cards Forecast Sector Performance: % Growth 2008-2013
Table 42 ATM Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
DEBIT TRANSACTIONS IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 43 Debit Cards Sector Performance: 2003-2008
Table 44 Debit Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 45 Debit Cards Sector Performance: % Growth 2003-2008
Table 46 Debit Cards in Circulation Sector Performance: % Growth 2003-2008
Table 47 Debit Cards: Number of Cards by Issuer 2003-2007
Table 48 Debit Cards: Number of Cards by Operator 2003-2007
Table 49 Debit Cards Transactions by Acquirer 2003-2007
Table 50 Debit Cards Payment Transaction Value by Operator 2003-2007
Table 51 Debit Cards Forecast Sector Performance: 2008-2013
Table 52 Debit Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 53 Debit Cards Forecast Sector Performance: % Growth 2008-2013
Table 54 Debit Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
CREDIT CARD TRANSACTIONS IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 55 Credit Cards Sector Performance: 2003-2008
Table 56 Credit Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 57 Credit Cards Sector Performance: % Growth 2003-2008
Table 58 Credit Cards in Circulation Sector Performance: % Growth 2003-2008
Table 59 Personal Credit Cards Sector Performance: 2003-2008
Table 60 Personal Credit Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 61 Personal Credit Cards Sector Performance: % Growth 2003-2008
Table 62 Personal Credit Cards in Circulation Sector Performance: % Growth 2003-2008
Table 63 Commercial Credit Cards Sector Performance: 2003-2008
Table 64 Commercial Credit Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 65 Commercial Credit Cards Sector Performance: % Growth 2003-2008
Table 66 Commercial Credit Cards in Circulation Sector Performance: % Growth 2003-2008
Table 67 Credit Cards: Number of Cards by Issuer 2003-2007
Table 68 Credit Cards: Number of Cards by Operator 2003-2007
Table 69 Credit Cards Transactions by Acquirer 2003-2007
Table 70 Credit Cards Payment Transaction Value by Operator 2003-2007
Table 71 Personal Credit Cards Payment Transaction Value by Operator 2003-2007
Table 72 Commercial Credit Cards Payment Transaction Value by Operator 2003-2007
Table 73 Credit Cards Forecast Sector Performance: 2008-2013
Table 74 Credit Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 75 Credit Cards Forecast Sector Performance: % Growth 2008-2013
Table 76 Credit Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
Table 77 Personal Credit Cards Forecast Sector Performance: 2008-2013
Table 78 Personal Credit Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 79 Personal Credit Cards Forecast Sector Performance: % Growth 2008-2013
Table 80 Personal Credit Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
Table 81 Commercial Credit Cards Forecast Sector Performance: 2008-2013
Table 82 Commercial Credit Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 83 Commercial Credit Cards Forecast Sector Performance: % Growth 2008-2013
Table 84 Commercial Credit Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
CHARGE CARD TRANSACTIONS IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 85 Charge Cards Sector Performance: 2003-2008
Table 86 Charge Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 87 Charge Cards Sector Performance: % Growth 2003-2008
Table 88 Charge Cards in Circulation Sector Performance: % Growth 2003-2008
Table 89 Personal Charge Cards Sector Performance: 2003-2008
Table 90 Personal Charge Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 91 Personal Charge Cards Sector Performance: % Growth 2003-2008
Table 92 Personal Charge Cards in Circulation Sector Performance: % Growth 2003-2008
Table 93 Commercial Charge Cards Sector Performance: 2003-2008
Table 94 Commercial Charge Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 95 Commercial Charge Cards Sector Performance: % Growth 2003-2008
Table 96 Commercial Charge Cards in Circulation Sector Performance: % Growth 2003-2008
Table 97 Charge Cards: Number of Cards by Issuer 2003-2007
Table 98 Charge Cards: Number of Cards by Operator 2003-2007
Table 99 Charge Cards Transactions by Acquirer 2003-2007
Table 100 Charge Cards Payment Transaction Value by Operator 2003-2007
Table 101 Personal Charge Cards Transaction Value by Operator 2003-2007
Table 102 Commercial Charge Cards Payment Transaction Value by Operator 2003-2007
Table 103 Charge Cards Forecast Sector Performance: 2008-2013
Table 104 Charge Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 105 Charge Cards Forecast Sector Performance: % Growth 2008-2013
Table 106 Charge Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
Table 107 Personal Charge Cards Forecast Sector Performance: 2008-2013
Table 108 Personal Charge Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 109 Personal Charge Cards Forecast Sector Performance: % Growth 2008-2013
Table 110 Personal Charge Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
Table 111 Commercial Charge Cards Forecast Sector Performance: 2008-2013
Table 112 Commercial Charge Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 113 Commercial Charge Cards Forecast Sector Performance: % Growth 2008-2013
Table 114 Commercial Charge Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
GENERAL PURPOSE PRE-PAID CARD TRANSACTIONS IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 115 General Purpose Pre-paid Cards Sector Performance: 2003-2008
Table 116 General Purpose Pre-paid Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 117 General Purpose Pre-paid Cards Sector Performance: % Growth 2003-2008
Table 118 General Purpose Pre-paid Cards in Circulation Sector Performance: % Growth 2003-2008
Table 119 General Purpose Pre-paid Cards by Type: % Number of Cards 2004-2008
Table 120 General Purpose Pre-paid Cards: Number of Cards by Operator 2003-2007
Table 121 General Purpose Pre-paid Cards Transaction Value by Operator 2003-2007
Table 122 General Purpose Pre-paid Cards Forecast Sector Performance: 2008-2013
Table 123 General Purpose Pre-paid Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 124 General Purpose Pre-paid Cards Forecast Sector Performance: % Growth 2008-2013
Table 125 General Purpose Pre-paid Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
STORE CARD TRANSACTIONS IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 126 Store Cards Sector Performance: 2003-2008
Table 127 Store Cards Sector Performance: Number of Cards in Circulation 2003-2008
Table 128 Store Cards Sector Performance: % Growth 2003-2008
Table 129 Store Cards in Circulation Sector Performance: % Growth 2003-2008
Table 130 Store Cards: Number of Cards by Issuer 2003-2007
Table 131 Store Cards Forecast Sector Performance: 2008-2013
Table 132 Store Cards Forecast Sector Performance: Number of Cards in Circulation 2008-2013
Table 133 Store Cards Forecast Sector Performance: % Growth 2008-2013
Table 134 Store Cards in Circulation Forecast Sector Performance: % Growth 2008-2013
CONSUMER CREDIT IN SINGAPORE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 135 Consumer Credit By Sector: Outstanding Balance: Value 2003-2008
Table 136 Consumer Credit By Sector: Outstanding Balance: % Value Growth 2003-2008
Table 137 Consumer Credit By Sector: Gross Lending: Value 2003-2008
Table 138 Consumer Credit By Sector: Gross Lending: % Value Growth 2003-2008
Table 139 Forecast Consumer Credit By Sector: Outstanding Balance: Value 2008-2013
Table 140 Forecast Consumer Credit By Sector: Outstanding Balance: % Value Growth 2008-2013
Table 141 Forecast Consumer Credit By Sector: Gross Lending: Value 2008-2013
Table 142 Forecast Consumer Credit By Sector: Gross Lending: % Value Growth 2008-2013