Singapore Credit Card Industry report provides the insight into various payment cards industry trends and growth opportunities in Singapore along with the complete information about different type’s cards in the industry. It also offers an epitomized assessment about the competitors in the industry, influential marketing strategies, customer purchase patterns, adopted payment methods in the e-commerce industry and significant government regulations associated with Singapore credit card industry. 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 Credit card industry.
Singapore Credit Card Industry was valued at USD 980 Million in the year 2019. Singapore Credit Card Industry is further estimated to grow at a CAGR of 5.9% from 2019 to reach USD 1368 Million by the year 2025. Forecast of credit card transactions incoming which is anticipated to fall from 60% of current overall industry share to 36% as per the statistics of Worldpay, whereas, the debit card transactions are expected to rise. The industry trends with all types of payment options like debit card, 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 payments mechanisms into one to avoid the struggle with multiple cards and encourage cashless transactions.
Initiation of smartphone manufacturer wallets like Samsung Pay, Apple Pay etc. pulling more number of youth populations toward their use affecting the current domination of debit card purchases and, thereby, the Credit Cards industry of Singapore.
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 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 has 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 payments 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 of London and Sydney, promoting the contactless transactions in Singapore.
Major market players in Singapore Credit Cards Industry DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation Limited, Citibank Singapore, Standard Chartered Bank, and other some players provided in the report.
Singapore Credit Cards Industry Segmentation:
Singapore Credit Cards Industry Overview, By Payment Terminals
Singapore Credit Cards Industry Overview, By End-User
Singapore Credit Cards Industry Overview, By Region
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa