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Country Report

Singapore Flag Financial Cards and Payments in Singapore

Price: US$1,900

About this Report

EXECUTIVE SUMMARY

Move to cashless society continues

Consumers in Singapore are getting more accustomed to using cards for payments rather than cash. With long queues at bank tellers, many customers rely on their ATM cards for cash withdrawals at the machines where the queues usually move faster and which are in convenient locations. Cash is often used for payment at small businesses such as at the hawker centres and wet markets. When consumers are at merchants that accept other forms of payment such as debit cards, credit cards or pre-paid cards, they prefer the cashless payment since they do not need to handle cash and coins, while card payments, especially credit cards, usually offer promotions and accumulate rewards or rebates for the cardholders. The habit of using pre-paid cards on public transport is well-established for its convenience; it also has lower fares compared to cash.

Credit cards becoming more popular

Credit cards became very popular during the review period. Promotions offered at the merchants, chances for lucky draws, privileges given to cardholders, benefits of accumulating reward points and rebates all attracted more people to apply for credit cards as well as increasing their usage. The increasing popularity of online shopping that requires use of credit cards or debit cards also encouraged more young adults to apply for one when they are eligible.

Local banks know their customer base

With the huge customer base among local banks, cards issued by them are better at catering to the needs of these local consumers. Most of the ATM cards issued by the local banks include debit function that is accepted by many merchants. Credit cards issued by local banks suit the day-to-day needs of the cardholders such as providing rebates on utility bills paid via credit cards, rebates at popular drugstores and supermarkets where cardholders can save substantial amounts on their groceries.

Enhanced security for cards

To ensure better security for card transactions in Singapore, the Association of Banks in Singapore announced that all ATM cards will be replaced with new cards that are embedded with EMV chip to prevent skimming. The replacement exercise will be completed by the end of 2014. All magnetic strips on debit cards and credit cards will also be deactivated by October 2013 and all cardholders will need to notify the banks to activate the strip if they need to travel overseas where EMV technology is less common.

More cashless payments

Consumers will continue to use their cards more at the check-out in order to enjoy their benefits. As many young consumers watch how common it is to use card payments, they will be more inclined to do this once they are allowed to own the cards. The convenience of using card payments, as well as issuers and operators ensuring that cardholders are getting more benefits such as wider merchant acceptance, will further increase the popularity of card payments in the forecast period.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Singapore with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Financial Cards and Payments industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.

The Financial Cards and Payments in Singapore market research report includes:

  • Analysis of key supply-side and demand trends  
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Financial Cards and Payments in Singapore?
  • What are the major operators and issuers in Singapore?
  • How will regulation impact the market?  
  • What is the current state of emerging payment technologies such as mobile commerce?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply functions

Euromonitor’s industry reports, including Financial Cards and Payments in Singapore, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.

Table of Contents

Financial Cards and Payments in Singapore - Industry Overview

EXECUTIVE SUMMARY

Move to cashless society continues

Credit cards becoming more popular

Local banks know their customer base

Enhanced security for cards

More cashless payments

KEY TRENDS AND DEVELOPMENTS

Stricter credit assessment

Consumers more used to making payments by card

Safer cards

MARKET INDICATORS

  • Table 1 Number of POS Terminals: Units 2008-2013
  • Table 2 Number of ATMs: Units 2008-2013
  • Table 3 Value Lost to Fraud 2008-2013
  • Table 4 Card Expenditure by Location 2013
  • Table 5 Card Expenditure by Category 2013
  • Table 6 Financial Cards in Circulation by Type: % Number of Cards 2008-2013
  • Table 7 Domestic versus Foreign Spend 2013

MARKET DATA

  • Table 8 Consumer Payments: Value 2008-2013
  • Table 9 Consumer Payments: Number of Transactions 2008-2013
  • Table 10 Financial Cards: Number of Cards in Circulation 2008-2013
  • Table 11 Financial Cards Transactions: Value 2008-2013
  • Table 12 Financial Cards: Number of Transactions 2008-2013
  • Table 13 Financial Cards: Number of Accounts 2008-2013
  • Table 14 Financial Cards: Number of Cards by Issuer 2008-2012
  • Table 15 Financial Cards: Number of Cards by Operator 2008-2012
  • Table 16 Financial Cards: Card Payment Transaction Value by Operator 2008-2012
  • Table 17 Financial Cards: Card Payment Transaction Value by Issuer 2008-2012
  • Table 18 Consumer Payments Forecast: Value 2013-2018
  • Table 19 Consumer Payments Forecast: Number of Transactions 2013-2018
  • Table 20 Financial Cards Forecast: Number of Cards in Circulation 2013-2018
  • Table 21 Financial Cards Forecast: Value 2013-2018
  • Table 22 Financial Cards Forecast: Number of Transactions 2013-2018
  • Table 23 Financial Cards Forecast: Number of Accounts 2013-2018

SOURCES

  • Summary 1 Research Sources

Financial Cards and Payments in Singapore - Company Profiles

DBS Group Holdings Ltd in Financial Cards and Payments (Singapore)

STRATEGIC DIRECTION

KEY FACTS

  • Summary 2 DBS Group Holdings Ltd: Operational Indicators

COMPANY BACKGROUND

COMPETITIVE POSITIONING

  • Summary 3 DBS Group Holdings Ltd: Competitive Position 2012

EZ-link Pte Ltd (EZL) in Financial Cards and Payments (Singapore)

STRATEGIC DIRECTION

COMPANY BACKGROUND

COMPETITIVE POSITIONING

  • Summary 4 EZ-link Pte Ltd: Competitive Position 2012

Network For Electronic Transfers (Singapore) Pte Ltd in Financial Cards and Payments (Singapore)

STRATEGIC DIRECTION

COMPANY BACKGROUND

COMPETITIVE POSITIONING

  • Summary 5 Network For Electronic Transfers (Singapore) Pte Ltd: Competitive Position 2012

Oversea-Chinese Banking Corp Ltd (OCBC Bank) in Financial Cards and Payments (Singapore)

STRATEGIC DIRECTION

KEY FACTS

  • Summary 6 Oversea-Chinese Banking Corp Ltd (OCBC Bank): Operational Indicators

COMPANY BACKGROUND

COMPETITIVE POSITIONING

  • Summary 7 Oversea-Chinese Banking Corp Ltd (OCBC Bank): Competitive Position 2012

United Overseas Bank Ltd in Financial Cards and Payments (Singapore)

STRATEGIC DIRECTION

KEY FACTS

  • Summary 8 United Overseas Bank Ltd: Operational Indicators

COMPANY BACKGROUND

COMPETITIVE POSITIONING

  • Summary 9 United Overseas Bank Ltd: Competitive Position 2012

Charge Card Transactions in Singapore - Category Analysis

HEADLINES

TRENDS

COMPETITIVE LANDSCAPE

PROSPECTS

CATEGORY DATA

  • Table 24 Charge Cards Category Performance 2008-2013
  • Table 25 Charge Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 26 Charge Cards Category Performance: % Growth 2008-2013
  • Table 27 Charge Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 28 Personal Charge Cards Category Performance 2008-2013
  • Table 29 Personal Charge Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 30 Personal Charge Cards Category Performance: % Growth 2008-2013
  • Table 31 Personal Charge Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 32 Commercial Charge Cards Category Performance 2008-2013
  • Table 33 Commercial Charge Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 34 Commercial Charge Cards Category Performance: % Growth 2008-2013
  • Table 35 Commercial Charge Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 36 Charge Cards: Number of Cards by Issuer 2008-2012
  • Table 37 Charge Cards: Number of Cards by Operator 2008-2012
  • Table 38 Charge Cards Payment Transaction Value by Issuer 2008-2012
  • Table 39 Charge Cards Payment Transaction Value by Operator 2008-2012
  • Table 40 Personal Charge Cards: Number of Cards by Issuer 2008-2012
  • Table 41 Personal Charge Cards: Number of Cards by Operator 2008-2012
  • Table 42 Personal Charge Cards Transaction Value by Issuer 2008-2012
  • Table 43 Personal Charge Cards Transaction Value by Operator 2008-2012
  • Table 44 Commercial Charge Cards: Number of Cards by Issuer 2008-2012
  • Table 45 Commercial Charge Cards: Number of Cards by Operator 2008-2012
  • Table 46 Commercial Charge Cards Payment Transaction Value by Issuer 2008-2012
  • Table 47 Commercial Charge Cards Payment Transaction Value by Operator 2008-2012
  • Table 48 Charge Cards Forecast Category Performance 2013-2018
  • Table 49 Charge Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 50 Charge Cards Forecast Category Performance: % Growth 2013-2018
  • Table 51 Charge Cards in Circulation Forecast Category Performance: % Growth 2013-2018
  • Table 52 Personal Charge Cards Forecast Category Performance 2013-2018
  • Table 53 Personal Charge Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 54 Personal Charge Cards Forecast Category Performance: % Growth 2013-2018
  • Table 55 Personal Charge Cards in Circulation Forecast Category Performance: % Growth 2013-2018
  • Table 56 Commercial Charge Cards Forecast Category Performance 2013-2018
  • Table 57 Commercial Charge Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 58 Commercial Charge Cards Forecast Category Performance: % Growth 2013-2018
  • Table 59 Commercial Charge Cards in Circulation Forecast Category Performance: % Growth 2013-2018

Credit Card Transactions in Singapore - Category Analysis

HEADLINES

TRENDS

COMPETITIVE LANDSCAPE

PROSPECTS

CATEGORY DATA

  • Table 60 Credit Cards Category Performance 2008-2013
  • Table 61 Credit Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 62 Credit Cards Category Performance: % Growth 2008-2013
  • Table 63 Credit Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 64 Commercial Credit Cards Category Performance 2008-2013
  • Table 65 Commercial Credit Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 66 Commercial Credit Cards Category Performance: % Growth 2008-2013
  • Table 67 Commercial Credit Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 68 Personal Credit Cards Category Performance 2008-2013
  • Table 69 Personal Credit Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 70 Personal Credit Cards Category Performance: % Growth 2008-2013
  • Table 71 Personal Credit Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 72 Credit Cards: Number of Cards by Issuer 2008-2012
  • Table 73 Credit Cards: Number of Cards by Operator 2008-2012
  • Table 74 Credit Cards Payment Transaction Value by Issuer 2008-2012
  • Table 75 Credit Cards Payment Transaction Value by Operator 2008-2012
  • Table 76 Commercial Credit Cards: Number of Cards by Issuer 2008-2012
  • Table 77 Commercial Credit Cards: Number of Cards by Operator 2008-2012
  • Table 78 Commercial Credit Cards Payment Transaction Value by Issuer 2008-2012
  • Table 79 Commercial Credit Cards Payment Transaction Value by Operator 2008-2012
  • Table 80 Personal Credit Cards: Number of Cards by Issuer 2008-2012
  • Table 81 Personal Credit Cards: Number of Cards by Operator 2008-2012
  • Table 82 Personal Credit Cards Payment Transaction Value by Issuer 2008-2012
  • Table 83 Personal Credit Cards Payment Transaction Value by Operator 2008-2012
  • Table 84 Credit Cards Forecast Category Performance 2013-2018
  • Table 85 Credit Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 86 Credit Cards Forecast Category Performance: % Growth 2013-2018
  • Table 87 Credit Cards in Circulation Forecast Category Performance: % Growth 2013-2018
  • Table 88 Commercial Credit Cards Forecast Category Performance 2013-2018
  • Table 89 Commercial Credit Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 90 Commercial Credit Cards Forecast Category Performance: % Growth 2013-2018
  • Table 91 Commercial Credit Cards in Circulation Forecast Category Performance: % Growth 2013-2018
  • Table 92 Personal Credit Cards Forecast Category Performance 2013-2018
  • Table 93 Personal Credit Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 94 Personal Credit Cards Forecast Category Performance: % Growth 2013-2018
  • Table 95 Personal Credit Cards in Circulation Forecast Category Performance: % Growth 2013-2018

Debit Transactions in Singapore - Category Analysis

HEADLINES

TRENDS

COMPETITIVE LANDSCAPE

PROSPECTS

CATEGORY DATA

  • Table 96 Debit Cards Category Performance 2008-2013
  • Table 97 Debit Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 98 Debit Cards Category Performance: % Growth 2008-2013
  • Table 99 Debit Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 100 Debit Cards: Number of Cards by Issuer 2008-2012
  • Table 101 Debit Cards: Number of Cards by Operator 2008-2012
  • Table 102 Debit Cards Payment Transaction Value by Issuer 2008-2012
  • Table 103 Debit Cards Payment Transaction Value by Operator 2008-2012
  • Table 104 Debit Cards Forecast Category Performance 2013-2018
  • Table 105 Debit Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 106 Debit Cards Forecast Category Performance: % Growth 2013-2018
  • Table 107 Debit Cards in Circulation Forecast Category Performance: % Growth 2013-2018

Pre-Paid Card Transactions in Singapore - Category Analysis

HEADLINES

TRENDS

COMPETITIVE LANDSCAPE

PROSPECTS

CATEGORY DATA

  • Table 108 Pre-paid Cards Category Performance 2008-2013
  • Table 109 Pre-paid Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 110 Pre-paid Cards Category Performance: % Growth 2008-2013
  • Table 111 Pre-paid Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 112 Closed Loop Pre-paid Cards Category Performance 2008-2013
  • Table 113 Closed Loop Pre-paid Cards Category Performance: % Growth 2008-2013
  • Table 114 Open Loop Pre-paid Cards Category Performance 2008-2013
  • Table 115 Open Loop Pre-paid Cards Category Performance: % Growth 2008-2013
  • Table 116 Pre-paid Cards: Number of Cards by Issuer 2008-2012
  • Table 117 Pre-paid Cards: Number of Cards by Operator 2008-2012
  • Table 118 Pre-paid Cards Transaction Value by Issuer 2008-2012
  • Table 119 Pre-paid Cards Transaction Value by Operator 2008-2012
  • Table 120 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2008-2012
  • Table 121 Closed Loop Pre-paid Cards: Number of Cards by Operator 2008-2012
  • Table 122 Closed Loop Pre-paid Cards Transaction Value by Issuer 2008-2012
  • Table 123 Closed Loop Pre-paid Cards Transaction Value by Operator 2008-2012
  • Table 124 Open Loop Pre-paid Cards: Number of Cards by Issuer 2008-2012
  • Table 125 Open Loop Pre-paid Cards: Number of Cards by Operator 2008-2012
  • Table 126 Open Loop Pre-paid Cards Transaction Value by Issuer 2008-2012
  • Table 127 Open Loop Pre-paid Cards Transaction Value by Operator 2008-2012
  • Table 128 Pre-paid Cards Forecast Category Performance 2013-2018
  • Table 129 Pre-paid Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 130 Pre-paid Cards Forecast Category Performance: % Growth 2013-2018
  • Table 131 Pre-paid Cards in Circulation Forecast Category Performance: % Growth 2013-2018
  • Table 132 Closed Loop Pre-paid Cards Forecast Category Performance 2013-2018
  • Table 133 Closed Loop Pre-paid Cards Forecast Category Performance: % Growth 2013-2018
  • Table 134 Open Loop Pre-paid Cards Forecast Category Performance 2013-2018
  • Table 135 Open Loop Pre-paid Cards Forecast Category Performance: % Growth 2013-2018

Store Card Transactions in Singapore - Category Analysis

HEADLINES

TRENDS

COMPETITIVE LANDSCAPE

PROSPECTS

CATEGORY DATA

  • Table 136 Store Cards Category Performance 2008-2013
  • Table 137 Store Cards Category Performance: Number of Cards in Circulation 2008-2013
  • Table 138 Store Cards Category Performance: % Growth 2008-2013
  • Table 139 Store Cards in Circulation Category Performance: % Growth 2008-2013
  • Table 140 Store Cards: Number of Cards by Issuer 2008-2012
  • Table 141 Store Cards: Payment Transaction Value by Issuer 2008-2012
  • Table 142 Store Cards Forecast Category Performance 2013-2018
  • Table 143 Store Cards Forecast Category Performance: Number of Cards in Circulation 2013-2018
  • Table 144 Store Cards Forecast Category Performance: % Growth 2013-2018
  • Table 145 Store Cards in Circulation Forecast Category Performance: % Growth 2013-2018

Segmentation

This market research report includes the following:

  • Consumer Finance
    • Financial Cards and Payments
      • Financial Cards in Circulation
        • ATM Function
        • Charge Card Function
          • Commercial Charge Cards
          • Personal Charge Cards
        • Credit Function
          • Commercial Credit Cards
          • Personal Credit Cards
        • Debit Function
        • Pre-Paid Function
          • Closed Loop Pre-Paid Function
          • Open Loop Pre-Paid Function
        • Store Cards
      • Transactions
        • Total Cards Transactions
          • ATM Transactions
          • Card Payment Transactions
            • Charge Card Transactions
              • Commercial Charge Card Transactions
              • Personal Charge Card Transactions
            • Credit Card Transactions
              • Commercial Credit Card Transactions
              • Personal Credit Card Transactions
            • Debit Transactions
            • Pre-Paid Card Transactions
              • Closed Loop Pre-Paid Card Transactions
              • Open Loop Pre-Paid Card Transactions
            • Store Card Transactions
        • Consumer Payment Transactions
          • Card Payment Transactions (Excl Commercial)
          • Electronic Direct/ACH Transactions
          • Paper Payment Transactions
            • Cash Transactions
            • Other Paper Payment Types

Statistics Included

For each category and subcategory you will receive the following data in Excel format:

From Passport

  • Market Sizes
  • Company Shares
  • Analysis by Type
  • Card Expenditure by Location
  • Card Expenditure by Sector
  • Domestic vs Foreign Spend
  • Merchant Acceptance

Market size details:

  • Retail value retail selling price % growth
  • Retail value retail selling price local currency, USD, EUR, GBP, CHF, JPY
  • Retail value retail selling price per capita local currency, USD, EUR, GBP, CHF, JPY
  • Number of cards
  • Number of cards % growth
  • Number of cards per capita
  • Number of accounts
  • Number of accounts % growth
  • Number of accounts per capita
  • Transactions
  • Transactions % growth
  • Transactions per capita

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