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Country Report

Credit Card Transactions in

Credit Cards in Singapore

23 pages, Nov 2018

US$990

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Executive Summary

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PROSPECTS

Credit card numbers continue declining amidst debt fears and political push

Despite Singapore having the second highest credit card penetration rate in Asia Pacific, credit cards in circulation are increasingly declining. This is not only a trend from the macro-perspective of the nation, but also reflects a reduction in the average number of credit cards a Singaporean owns.

Cashless revolution to spur credit card transaction volume and value

With the government’s initiative to make Singapore cashless, various developments have facilitated the increase in credit card transactions both physically and virtually, thus boosting credit card transaction volume and value. Although the number of physical credit cards are declining, credit cards remain the most popular payment method in Singapore, a trend that is reflected in mobile apps being increasingly credit-card linked.

Credit card rewards show counterintuitive decline

Although logical reasoning would point towards credit card rewards rising to entice a higher number of consumers to make credit card transactions, reality shows the reverse happening. The declining rewards are either in the form of increased annual fees or reduced benefits and reward rates.

COMPETITIVE LANDSCAPE

Local incumbent banks remain the leading credit card issuers

The three large local banks in Singapore, United Overseas Bank, DBS Group and Oversea-Chinese Banking Corp Ltd (OCBC Bank) remain dominant in issuing personal credit cards. This is unsurprising given their upper hand in having established operations in Singapore over the years, contributing to their strong brand awareness.

Visa and Mastercard’s popularity as credit card operators remain untarnished

Visa and Mastercard, the most widely accepted payment networks in Singapore, dominate credit cards in Singapore. Visa remains the frontrunner, but both Visa and Mastercard credit cards are accepted almost anywhere in Singapore, followed at a distance by American Express.

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Overview

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.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Credit Card Transactions 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 Credit Card Transactions industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.

The Credit Card Transactions in Singapore market research report includes:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
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 Credit Card Transactions in Singapore?
What are the major operators and issuers in Singapore?
What is the current state and expected evolution of consumer payment preference?
What payment instrument offers the highest growth potential?
What strategies and positioning have consumer finance companies utilized to win in the market?

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 Credit Card Transactions in Singapore, originate from our database within our Consumer Finance market share and market size database

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Charge Cards in Singapore - Category analysis

Charge Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

The privilege of charge cards remains a pull factor for the affluent

Charge cards transaction value negatively impacted amidst economic pressures

COMPETITIVE LANDSCAPE

American Express and Diners Club still monopolise charge cards in Singapore

American Express remains afloat even as economic conditions impact charge cards

CATEGORY DATA

Table 1 Charge Cards: Number of Cards in Circulation 2013-2018
Table 2 Charge Cards Transactions 2013-2018
Table 3 Charge Cards in Circulation: % Growth 2013-2018
Table 4 Charge Cards Transactions: % Growth 2013-2018
Table 5 Commercial Charge Cards: Number of Cards in Circulation 2013-2018
Table 6 Commercial Charge Cards Transactions 2013-2018
Table 7 Commercial Charge Cards in Circulation: % Growth 2013-2018
Table 8 Commercial Charge Cards Transactions: % Growth 2013-2018
Table 9 Personal Charge Cards: Number of Cards in Circulation 2013-2018
Table 10 Personal Charge Cards Transactions 2013-2018
Table 11 Personal Charge Cards in Circulation: % Growth 2013-2018
Table 12 Personal Charge Cards Transactions: % Growth 2013-2018
Table 13 Charge Cards: Number of Cards by Issuer 2013-2017
Table 14 Charge Cards: Number of Cards by Operator 2013-2017
Table 15 Charge Cards Payment Transaction Value by Issuer 2013-2017
Table 16 Charge Cards Payment Transaction Value by Operator 2013-2017
Table 17 Commercial Charge Cards: Number of Cards by Issuer 2013-2017
Table 18 Commercial Charge Cards: Number of Cards by Operator 2013-2017
Table 19 Commercial Charge Cards Payment Transaction Value by Issuer 2013-2017
Table 20 Commercial Charge Cards Payment Transaction Value by Operator 2013-2017
Table 21 Personal Charge Cards: Number of Cards by Issuer 2013-2017
Table 22 Personal Charge Cards: Number of Cards by Operator 2013-2017
Table 23 Personal Charge Cards Transaction Value by Issuer 2013-2017
Table 24 Personal Charge Cards Transaction Value by Operator 2013-2017
Table 25 Forecast Charge Cards: Number of Cards in Circulation 2018-2023
Table 26 Forecast Charge Cards Transactions 2018-2023
Table 27 Forecast Charge Cards in Circulation: % Growth 2018-2023
Table 28 Forecast Charge Cards Transactions: % Growth 2018-2023
Table 29 Forecast Commercial Charge Cards: Number of Cards in Circulation 2018-2023
Table 30 Forecast Commercial Charge Cards Transactions 2018-2023
Table 31 Forecast Commercial Charge Cards in Circulation: % Growth 2018-2023
Table 32 Forecast Commercial Charge Cards Transactions: % Growth 2018-2023
Table 33 Forecast Personal Charge Cards: Number of Cards in Circulation 2018-2023
Table 34 Forecast Personal Charge Cards Transactions 2018-2023
Table 35 Forecast Personal Charge Cards in Circulation: % Growth 2018-2023
Table 36 Forecast Personal Charge Cards Transactions: % Growth 2018-2023

Credit Cards in Singapore - Category analysis

Credit Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

Credit card numbers continue declining amidst debt fears and political push

Cashless revolution to spur credit card transaction volume and value

Credit card rewards show counterintuitive decline

COMPETITIVE LANDSCAPE

Local incumbent banks remain the leading credit card issuers

Visa and Mastercard’s popularity as credit card operators remain untarnished

CATEGORY DATA

Table 37 Credit Cards: Number of Cards in Circulation 2013-2018
Table 38 Credit Cards Transactions 2013-2018
Table 39 Credit Cards in Circulation: % Growth 2013-2018
Table 40 Credit Cards Transactions: % Growth 2013-2018
Table 41 Commercial Credit Cards: Number of Cards in Circulation 2013-2018
Table 42 Commercial Credit Cards Transactions 2013-2018
Table 43 Commercial Credit Cards in Circulation: % Growth 2013-2018
Table 44 Commercial Credit Cards Transactions: % Growth 2013-2018
Table 45 Personal Credit Cards: Number of Cards in Circulation 2013-2018
Table 46 Personal Credit Cards Transactions 2013-2018
Table 47 Personal Credit Cards in Circulation: % Growth 2013-2018
Table 48 Personal Credit Cards Transactions: % Growth 2013-2018
Table 49 Credit Cards: Number of Cards by Issuer 2013-2017
Table 50 Credit Cards: Number of Cards by Operator 2013-2017
Table 51 Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 52 Credit Cards Payment Transaction Value by Operator 2013-2017
Table 53 Commercial Credit Cards: Number of Cards by Issuer 2013-2017
Table 54 Commercial Credit Cards: Number of Cards by Operator 2013-2017
Table 55 Commercial Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 56 Commercial Credit Cards Payment Transaction Value by Operator 2013-2017
Table 57 Personal Credit Cards: Number of Cards by Issuer 2013-2017
Table 58 Personal Credit Cards: Number of Cards by Operator 2013-2017
Table 59 Personal Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 60 Personal Credit Cards Payment Transaction Value by Operator 2013-2017
Table 61 Forecast Credit Cards: Number of Cards in Circulation 2018-2023
Table 62 Forecast Credit Cards Transactions 2018-2023
Table 63 Forecast Credit Cards in Circulation: % Growth 2018-2023
Table 64 Forecast Credit Cards Transactions: % Growth 2018-2023
Table 65 Forecast Commercial Credit Cards: Number of Cards in Circulation 2018-2023
Table 66 Forecast Commercial Credit Cards Transactions 2018-2023
Table 67 Forecast Commercial Credit Cards in Circulation: % Growth 2018-2023
Table 68 Forecast Commercial Credit Cards Transactions: % Growth 2018-2023
Table 69 Forecast Personal Credit Cards: Number of Cards in Circulation 2018-2023
Table 70 Forecast Personal Credit Cards Transactions 2018-2023
Table 71 Forecast Personal Credit Cards in Circulation: % Growth 2018-2023
Table 72 Forecast Personal Credit Cards Transactions: % Growth 2018-2023

Debit Cards in Singapore - Category analysis

Debit Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

Various factors poise debit cards and transactions for strong growth

SMEs to significantly contribute to commercial debit card base

COMPETITIVE LANDSCAPE

DBS Group continues to dominate debit card transactions

NETS continues to be the leading debit card operator in light of recent initiatives

CATEGORY DATA

Table 73 Debit Cards: Number of Cards in Circulation 2013-2018
Table 74 Debit Cards Transactions 2013-2018
Table 75 Debit Cards in Circulation: % Growth 2013-2018
Table 76 Debit Cards Transactions: % Growth 2013-2018
Table 77 Debit Cards: Number of Cards by Issuer 2013-2017
Table 78 Debit Cards: Number of Cards by Operator 2013-2017
Table 79 Debit Cards Payment Transaction Value by Issuer 2013-2017
Table 80 Debit Cards Payment Transaction Value by Operator 2013-2017
Table 81 Forecast Debit Cards: Number of Cards in Circulation 2018-2023
Table 82 Forecast Debit Cards Transactions 2018-2023
Table 83 Forecast Debit Cards in Circulation: % Growth 2018-2023
Table 84 Forecast Debit Cards Transactions: % Growth 2018-2023

Pre-Paid Cards in Singapore - Category analysis

Pre-Paid Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

Open loop pre-paid cards in Singapore take off on the road to a cashless era

Major pre-paid card issuers in Singapore explore wearable technology payments

COMPETITIVE LANDSCAPE

NETS and EZ-link seen to be collaborators after recent partnership

EZ-link leads overall pre-paid cards

CATEGORY DATA

Table 85 Pre-paid Cards: Number of Cards in Circulation 2013-2018
Table 86 Pre-paid Cards Transactions 2013-2018
Table 87 Pre-paid Cards in Circulation: % Growth 2013-2018
Table 88 Pre-paid Cards Transactions: % Growth 2013-2018
Table 89 Closed Loop Pre-paid Cards Transactions 2013-2018
Table 90 Closed Loop Pre-paid Cards Transactions: % Growth 2013-2018
Table 91 Open Loop Pre-paid Cards Transactions 2013-2018
Table 92 Open Loop Pre-paid Cards Transactions: % Growth 2013-2018
Table 93 Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 94 Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 95 Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 96 Pre-paid Cards Transaction Value by Operator 2013-2017
Table 97 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 98 Closed Loop Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 99 Closed Loop Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 100 Closed Loop Pre-paid Cards Transaction Value by Operator 2013-2017
Table 101 Open Loop Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 102 Open Loop Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 103 Open Loop Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 104 Open Loop Pre-paid Cards Transaction Value by Operator 2013-2017
Table 105 Forecast Pre-paid Cards: Number of Cards in Circulation 2018-2023
Table 106 Forecast Pre-paid Cards Transactions 2018-2023
Table 107 Forecast Pre-paid Cards in Circulation: % Growth 2018-2023
Table 108 Forecast Pre-paid Cards Transactions: % Growth 2018-2023
Table 109 Forecast Closed Loop Pre-paid Cards Transactions 2018-2023
Table 110 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2018-2023
Table 111 Forecast Open Loop Pre-paid Cards Transactions 2018-2023
Table 112 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2018-2023

Store Cards in Singapore - Category analysis

Store Cards in Singapore - Company Profile

PROSPECTS

Financial Cards and Payments in Singapore - Industry Overview

EXECUTIVE SUMMARY

Singapore promotes digital payment efforts to inch closer towards a cashless society

Stricter government regulations and rising debt awareness impact credit card growth

Major card issuers in Singapore continue to dominate in 2017

Increasing number of banks collaborate with major mobile wallet providers

Slow growth of cashless payments expected over the forecast period

MARKET INDICATORS

Table 113 Number of POS Terminals: Units 2013-2018
Table 114 Number of ATMs: Units 2013-2018
Table 115 Value Lost to Fraud 2013-2018
Table 116 Card Expenditure by Location 2017
Table 117 Financial Cards in Circulation by Type: % Number of Cards 2013-2018
Table 118 Domestic versus Foreign Spend 2018

MARKET DATA

Table 119 Financial Cards by Category: Number of Cards in Circulation 2013-2018
Table 120 Financial Cards by Category: Number of Accounts 2013-2018
Table 121 Financial Cards Transactions by Category: Value 2013-2018
Table 122 Financial Cards by Category: Number of Transactions 2013-2018
Table 123 Consumer Payments by Category: Value 2013-2018
Table 124 Consumer Payments by Category: Number of Transactions 2013-2018
Table 125 M-Commerce by Category: Value 2013-2018
Table 126 M-Commerce by Category: % Value Growth 2013-2018
Table 127 Financial Cards: Number of Cards by Issuer 2013-2017
Table 128 Financial Cards: Number of Cards by Operator 2013-2017
Table 129 Financial Cards: Card Payment Transactions Value by Operator 2013-2017
Table 130 Financial Cards: Card Payment Transactions Value by Issuer 2013-2017
Table 131 Forecast Financial Cards by Category: Number of Cards in Circulation 2018-2023
Table 132 Forecast Financial Cards by Category: Number of Accounts 2018-2023
Table 133 Forecast Financial Cards Transactions by Category: Value 2018-2023
Table 134 Forecast Financial Cards by Category: Number of Transactions 2018-2023
Table 135 Forecast Consumer Payments by Category: Value 2018-2023
Table 136 Forecast Consumer Payments by Category: Number of Transactions 2018-2023
Table 137 Forecast M-Commerce by Category: Value 2018-2023
Table 138 Forecast M-Commerce by Category: % Value Growth 2018-2023

Megatrends

Country Report

Credit Cards in Singapore

New Report Guarantee

Executive Summary

New Report Guarantee

PROSPECTS

Credit card numbers continue declining amidst debt fears and political push

Cashless revolution to spur credit card transaction volume and value

Credit card rewards show counterintuitive decline

COMPETITIVE LANDSCAPE

Local incumbent banks remain the leading credit card issuers

Visa and Mastercard’s popularity as credit card operators remain untarnished

Overview

Why buy this report?

SAMPLES

Delivery Method

Overview

Why buy this report?

Want to find out more about this report?

Table of Contents

Charge Cards in Singapore - Category analysis

Charge Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

The privilege of charge cards remains a pull factor for the affluent

Charge cards transaction value negatively impacted amidst economic pressures

COMPETITIVE LANDSCAPE

American Express and Diners Club still monopolise charge cards in Singapore

American Express remains afloat even as economic conditions impact charge cards

CATEGORY DATA

Credit Cards in Singapore - Category analysis

Credit Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

Credit card numbers continue declining amidst debt fears and political push

Cashless revolution to spur credit card transaction volume and value

Credit card rewards show counterintuitive decline

COMPETITIVE LANDSCAPE

Local incumbent banks remain the leading credit card issuers

Visa and Mastercard’s popularity as credit card operators remain untarnished

CATEGORY DATA

Debit Cards in Singapore - Category analysis

Debit Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

Various factors poise debit cards and transactions for strong growth

SMEs to significantly contribute to commercial debit card base

COMPETITIVE LANDSCAPE

DBS Group continues to dominate debit card transactions

NETS continues to be the leading debit card operator in light of recent initiatives

CATEGORY DATA

Pre-Paid Cards in Singapore - Category analysis

Pre-Paid Cards in Singapore - Company Profile

HEADLINES

PROSPECTS

Open loop pre-paid cards in Singapore take off on the road to a cashless era

Major pre-paid card issuers in Singapore explore wearable technology payments

COMPETITIVE LANDSCAPE

NETS and EZ-link seen to be collaborators after recent partnership

EZ-link leads overall pre-paid cards

CATEGORY DATA

Store Cards in Singapore - Category analysis

Store Cards in Singapore - Company Profile

PROSPECTS

Financial Cards and Payments in Singapore - Industry Overview

EXECUTIVE SUMMARY

Singapore promotes digital payment efforts to inch closer towards a cashless society

Stricter government regulations and rising debt awareness impact credit card growth

Major card issuers in Singapore continue to dominate in 2017

Increasing number of banks collaborate with major mobile wallet providers

Slow growth of cashless payments expected over the forecast period

MARKET INDICATORS

MARKET DATA

SOURCES

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