The Singapore Cards and Payments Market report by MarketDataForecast provides a deep insight into the current payment cards system in the country along with the total number of cards in circulation, several types of payment cards and their numbers, total transactions happening, average transactional values, market contributors and so on. Singapore is one of the competitive markets for the payment cards in Asia Pacific region with debit cards and credit cards contributing close to 1% and 1.5% of the total markets respectively. The card penetration for credit cards and debit cards in Singapore market are close to 2 cards per individual. Debit card holds the majority share in transaction value with close to 80% and estimated to decline slightly in the years ahead.
As per 2015 report of Google, the smartphone penetration in Singapore was more than 84%, making it the most preferred option for payments. The introduction of different convenient payment options by leading banks like DBS PayLah! By DBS bank, Dash by Standard Chartered with the aid of SingTel and options like MasterPass by MasterCard, PayPal, Click2Pay, Swiff, Fastacash along with many others boost the payments market of Singapore.
The non-requirement of bank accounts and controlled spending propel the prepaid cards’ usage in Singapore, which is expected to cross 25 million by 2020. The growth factors like customized debit and credit card options by leading banks, investments of card issuers in technology to provide more sophisticated banking services, huge range of alternate payment options, advent of contactless technology, mergers and collaborations of various banks and card providers, increase in consumers for the use of prepaid cards like gift cards, travel cards, and payroll cards, new product launches by various card issuers and others push forward the Singapore Cards and Payments Market. On the contrary, the strict government regulatory frameworks and the lack of awareness about interests and taxes in some sections of people may hinder the Singapore Cards and Payments Market growth to some extent.
The growth of e-commerce and retail industries coupled with the increased use of contactless payment cards in transportation attribute to the growth of Singapore Cards and Payments Market. On whole, DBS Bank, UOB and OCBC lead the market of payment cards in the vicinity and other banks like Citibank, Standard Chartered Bank and others also contribute minimally to the expansion of the market.
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