Singapore Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020
NEW YORK, Feb. 4, 2016 /PRNewswire/ -- In terms of number of cards in circulation, the Singaporean payment cards market grew at a CAGR of 3.3% during the period 2012 -2014 and is expected to grow at a CAGR of 2.7% over the period 2015 - 2020. In Singapore, debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 53% of the total number of cards in circulation in Singapore.
The debit cards recorded an increase in average transaction value (ATV), which increased from SGD 191.1 in 2012 to SGD 196 in 2014. The frequency of debit card use grew at a CAGR of 2.6% during 2012-2014. The frequency of transaction is expected to reach up to 48.4 times a year in 2020. By scheme, the number of debit cards in circulation was dominated by NETS with market share of 79%, followed by Visa with 12% market share in 2014. In debit card segment, DBS Bank was the leading card issuer in terms of the number of cards in circulation in 2014.
In terms of the number of cards in circulation, leading company in the credit card category was United Overseas Bank Ltd, with a market share of 22.5% in 2014. Visa was the leading scheme in terms of credit cards in circulation. Credit card transactions were encouraged by growth in payment infrastructure, such as POS and ATM terminals, and promotional strategies such as cash back offers and reward programs. Credit cards are primarily used by customers at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. In 2014, value of transactions at POS terminals accounted for 95.7% of total credit card transactions in Singapore. Credit card market is concentrated in terms of transaction value, with the six leading issuers accounting for a market share of 85% in 2014.
In July 2015, The Monetary Authority of Singapore implemented new rules for credit cards to help credit cardholders who have difficulty repaying their outstanding debt.
The average transaction value is anticipated to grow at a CAGR of 1.4% during the future period of 2015-2020.Average charge card transaction value increased from SGD 168.9 in 2012 to SGD 171.8 in 2014, at a CAGR of 0.8%.
Key players in the debit and credit cards market include:
DBS Bank
Oversea-Chinese Banking Corporation
United Overseas Bank
Citibank
Standard Chartered Bank
HSBC
Read the full report: http://www.reportlinker.com/p03605426-summary/view-report.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article