Emerging Opportunities in Singapore’s Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape

Published: January 2013
No. of Pages: 104
    ReportsandReports

Synopsis

The report provides market analysis, information and insights into Singapore's cards and payments industry, including:

  • Current and forecast values for each category of Singapore's cards and payments industry including debit cards, credit cards, prepaid cards and charge cards
  • Comprehensive analysis of the industry's market attractiveness and future growth areas
  • Analysis of various market drivers and regulations governing Singapore's cards and payments industry
  • Detailed analysis of the marketing strategies adopted for selling various categories of cards such as debit, credit, prepaid and charge cards used by various bankers and other institutions in the market
  • Comprehensive analysis of consumer attitudes and their buying preferences for cards
  • Competitive landscape of Singapore's cards and payments industry

Summary

The cards and payments industry as a whole grew at a CAGR of 8.33% in terms of the number of cards and at a CAGR of 7.12% in terms of transaction value during the review period. During the forecast period, the cards and payments industry is expected to grow at a CAGR of 4.95% in terms of number of cards and 4.88% in terms of transaction value. In terms of transaction value, the cards and payments industry is dominated by the debit card category which constituted 64.3% of the overall industry in 2012. The share of the debit card category in the overall industry is expected to be 61.8% in 2017. In terms of transaction value, the debit card category grew at a CAGR of 5.55% during the review period and is expected to grow at a CAGR of 4.27% during the forecast period. The debit card category is expected to show the largest growth in terms of transaction value as customers prefer income-based consumption over credit-fuelled consumption.

Scope

  • This report provides a comprehensive analysis of Singapore's cards and payments industry
  • It provides current values for Singapore's cards and payments industry for 2012 and forecast figures for 2017
  • It details the different macroeconomic, infrastructural, consumer and business drivers affecting Singapore's cards and payments industry
  • It outlines the current regulatory framework in the industry
  • It details the marketing strategies used by various bankers and other institutions
  • It profiles the major banks in Singapore's cards and payments industry

Reasons To Buy

  • Make strategic business decisions using historic and forecast market data related to Singapore's cards and payments industry and each market within it
  • Understand the key market trends and growth opportunities within Singapore's cards and payments industry
  • Assess the competitive dynamics in Singapore's cards and payments industry
  • Gain insights into the marketing strategies used for selling various categories of cards in Singapore
  • Gain insights into key regulations governing Singapore's cards and payments industry

Key Highlights

  • The cards and payments industry as a whole grew at a CAGR of 8.33% in terms of number of cards and at a CAGR of 7.12% in terms of transaction value during the review period. During the forecast period, the cards and payments industry is expected to grow at a CAGR of 4.95% in terms of number of cards and 4.88% in terms of transaction value.
  • Mobile commerce transactions show a huge potential for growth during the forecast period and are expected to expand the scope of card-based payments during the forecast period. M-commerce transactions grew from SGD15.2 million (US$10.78 million) in 2010 to SGD791.5 million (US$629.91 million) in 2012, at a CAGR of 273.07%.
  • Banks follow highly competitive strategies when pricing cards in order to expand their customer base. The annual interest rates charged by most leading banks range between 24% and 25%. Banks also offer an interest-free period to customers to encourage prompt repayment.
  • Banks target large customer bases such as Chinese-Singaporeans, NUS alumni, SingTel customers and members of the National Trades Union Congress (NTUC). Chinese-Singaporeans constituted 74.1% of the overall population in 2011.

Published By: Timetric
Product Code: Timetric2594


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