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

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.

Table of Contents
1 Executive Summary
2 Market Attractiveness and Future Prospects of Cards and Payments Industry
2.1 Growth Prospects of Cards and Payments Industry in Terms of Number of Cards
2.2 Growth Prospects of Cards and Payments Industry in Terms of Transaction Value
3 Analysis of Singapore’s Cards and Payments Industry Drivers
3.1 Macroeconomic Drivers
3.1.1 Gross domestic product
3.1.2 Total investment
3.1.3 Low inflation rate
3.1.4 Low unemployment rate
3.1.5 Central bank interest rate
3.2 Infrastructure Drivers
3.2.1 Growth of POS terminals
3.2.2 Growing number of ATMs
3.2.3 Growth of mobile penetration
3.2.4 Growth of internet penetration
3.2.5 Emergence of NFC mobile wallets
3.2.6 Emergence of virtual payment cards
3.3 Business Drivers
3.3.1 Growth of supplementary cards
3.3.2 Growth of tourism spending
3.3.3 Growth of m-commerce
3.3.4 Remittance outflows
3.4 Consumer Drivers
3.4.1 Growth of consumer loans and advances
3.4.2 Growth of annual disposable income
3.4.3 Economically active population
3.5 Card Fraud Statistics
3.5.1 Card fraud by channel
3.6 Regulatory Framework
4 Emerging Consumer Attitudes and Trends
4.1 Market Segmentation and Targeting
4.2 Consumer Preference
4.2.1 Price
4.2.2 Convenience
4.2.3 Value-added services
4.2.4 Rewards
4.2.5 Security
4.3 Online Buying Behaviour
4.4 Preferred Payment Methods
5 Competitive Landscape and Industry Dynamics
5.1 Industry Share Analysis by Payment Channel
5.1.1 Overview
5.2 Debit Cards
5.2.1 By bank
5.2.2 By scheme
5.3 Credit Cards
5.3.1 By bank
5.3.2 By scheme
5.4 Charge Cards
5.4.1 By scheme
6 Strategies Adopted by Key Players
6.1 Market Entry Strategies
6.2 Marketing / Product Strategy
6.2.1 Debit card marketing strategy
6.2.2 Credit card marketing strategies
6.2.3 Prepaid card marketing strategies
6.2.4 Charge card marketing strategies
6.3 Pricing Strategies
6.3.1 Debit card pricing strategy
6.3.2 Credit card pricing strategy
7 Market Size and Growth Potential of Payment Card Industry
7.1 Market Share Analysis by Type of Card
7.2 Total Market Size and Forecast of Card Industry
7.2.1 Analysis by number of cards
7.2.2 Analysis by transaction value
7.2.3 Analysis by transaction volume
7.3 Debit Card Market Size and Forecast
7.3.1 Analysis by number of cards
7.3.2 Analysis by transaction value
7.3.3 Analysis by transaction volume
7.3.4 Other key performance indicators
7.4 Prepaid Card Market Size and Forecast
7.4.1 Analysis by number of cards
7.4.2 Analysis by segment: closed-loop and open-loop cards
7.5 Charge Card Market Size and Forecast
7.5.1 Analysis by number of cards
7.5.2 Analysis by transaction value
7.5.3 Analysis by transaction volume
7.5.4 Other key performance indicators
7.6 Credit Card Market Size and Forecast
7.6.1 Analysis by number of cards
7.6.2 Analysis by transaction value
7.6.3 Analysis by transaction volume
7.6.4 Other key performance indicators
8 Company Profiles, Products and Marketing Strategies
8.1 DBS Bank
8.1.1 Strategies
8.1.2 Debit cards offered
8.1.3 Credit cards offered
8.2 United Overseas Bank
8.2.1 Strategies
8.2.2 Debit cards offered
8.2.3 Credit cards offered
8.3 Oversea Chinese Banking Corporation (OCBC)
8.3.1 Strategies
8.3.2 Debit cards offered
8.3.3 Credit cards offered
9 Appendix
9.1 Methodology
9.2 Definitions
9.3 Contact Us
9.4 About Timetric
9.4.1 Our approach
9.5 Services
9.6 Disclaimer

List of Tables
Table 1: Singapore – Payment Channels (SGD Million), 2008 and 2012
Table 2: Debit Card Fee of Selected Banks
Table 3: Credit Card Fee of Selected Banks
Table 4: Singapore – Cards and Payments Industry by Type of Card (Thousands), 2008–2017
Table 5: Singapore – Industry Size by Volume (Thousands), 2008–2017
Table 6: Singapore – Industry Size by Transaction Value (SGD Million), 2008–2017
Table 7: Singapore – Industry Size by Transaction Value (US$ Million), 2008–2017
Table 8: Singapore – Industry Size by Transaction Volume (Million), 2008–2017
Table 9: Singapore – Debit Card Category Size by Volume (Thousands), 2008–2017 71
Table 10: Singapore – Debit Card Category Size by Transaction Value (SGD Million), 2008–2017
Table 11: Singapore – Debit Card Category Size by Transaction Value (US$ Million), 2008–2017
Table 12: Singapore – Debit Card Category Size by Transaction Volume (Million), 2008–2017
Table 13: Singapore – Card Category Size by Frequency of Use (Transaction/Card/Year), 2008–2017
Table 14: Singapore – Prepaid Card Category Size by Volume (Thousands), 2008–2017
Table 15: Singapore – Open-Loop Prepaid Cards Segment Size (Thousands), 2008–2017
Table 16: Singapore – Closed-Loop Prepaid Cards Segment Size (Thousands), 2008–2017
Table 17: Singapore – Prepaid Cards Category Size by Transaction Value (SGD Million), 2008–2017
Table 18: Singapore – Prepaid Cards Category Size by Transaction Value (US$ Million), 2008–2017
Table 19: Singapore – Charge Card Category Size by Volume (Million), 2008–2017
Table 20: Singapore – Charge Card Category Size by Transaction Value (SGD Million), 2008–2017
Table 21: Singapore – Charge Card Category Size by Transaction Value (US$ Million), 2008–2017
Table 22: Singapore – Charge Card Category Size by Transaction Volume (Million), 2008–2017
Table 23: Singapore – Charge Card Category Size Frequency of Use (Transaction/Card/Year), 2008–2017
Table 24: Singapore – Credit Card Category Size by Volume (Thousands), 2008–2017
Table 25: Singapore – Credit Card Category Size by Transaction Value (SGD Million), 2008–2017
Table 26: Singapore – Credit Card Category Size by Transaction Value (US$ Million), 2008–2017
Table 27: Singapore – Credit Card Category Size by Transaction Volume (Million), 2008–2017
Table 28: Singapore – Credit Card Category Size by Frequency of Use (Transaction/Card/Year), 2008–2017
Table 29: Singapore – Credit Card Category Size by Average Transaction Value (SGD), 2008–2017
Table 30: Singapore – Credit Card Category Size by Average Transaction Value (US$), 2008–2017
Table 31: Cards and Payments Key Definitions

List of Figures
Figure 1: Current and Future Prospects of Various Cards in Singapore in Terms of Number of Cards (%), 2008–2017
Figure 2: Current and Future Prospects of Various Cards in Singapore in Terms of Transaction Value (%), 2008–2017
Figure 3: Current and Future Prospects of Various Cards in Singapore
Figure 4: Singapore’s Cards and Payments Industry Drivers
Figure 5: Gross Domestic Product Growth at Constant Prices (%), 2008–2017
Figure 6: Total Investments (% of GDP), 2008–2017
Figure 7: Inflation at Average Consumer Prices (% Change), 2008–2017
Figure 8: Unemployment Rate (% of Total Labour Force), 2008–2017
Figure 9: Central Bank Interest Rate (%), 2008–2012
Figure 10: Number of POS Terminals in Singapore (Thousands), 2008–2017
Figure 11: Number of ATMs in Singapore (Thousands), 2008-2017
Figure 12: Growth of Mobile Penetration in Singapore (%), 2008–2012
Figure 13: Internet Penetration in Singapore (%), 2008–2012
Figure 14: Growth of Supplementary Cards (Million), 2008–2012
Figure 15: Direct Contribution of Travel and Tourism to GDP (SGD Billion), 2008–2012
Figure 16: M-Commerce Transactions (SGD Million), 2009–2017
Figure 17: Consumer Loans and Advances (SGD Million), 2008–2012
Figure 18: Growth of Annual Disposable Income (SGD Million), 2008–2017
Figure 19: Economically Active Population in Singapore (Million), 2008–2017
Figure 20: Singapore Card Fraud Statistics (SGD Million), 2008–2012
Figure 21: Singaporean Cards and Payments Industry Segmentation by Card Categories
Figure 22: Cards Targeting Retail Customers in Singapore
Figure 23: Cards Targeting Students in Singapore
Figure 24: Cards Targeting the Female Population of Singapore
Figure 25: Consumer Preferences on Various Types of Cards
Figure 26: Online Retail Sales Growth (SGD Million), 2008–2017
Figure 27: Mobile Commerce Expenditure on Various Categories (%), 2011
Figure 28: Share of Mobile Retail Sales in Overall Online Retail Sales (SGD Million), 2009–2017
Figure 30: Singapore – Value and Growth of Credit Transfers (SGD Million), 2008–2012
Figure 31: Singapore – Value and Growth of Direct Debit (SGD Million), 2008–2012
Figure 32: Singapore – Value and Growth of Card Payments (SGD Million), 2008–2012
Figure 33: Singapore – Value and Growth of Check Payments (SGD Million), 2008–2012
Figure 34: Singapore – Debit Card Share by Banks (%), 2011
Figure 35: Singapore – Debit Card Share by Scheme (%), 2011
Figure 36: Singapore – Credit Card Share by Banks (%), 2011
Figure 37: Singapore – Credit Card Share by Scheme (%), 2011
Figure 38: Singapore – Charge Card Share by Scheme (%), 2011
Figure 39: Card Marketing Strategies of Banks in Singapore
Figure 40: Singapore – Cards and Payments Industry by Type of Card (%), 2008–2017
Figure 41: Singapore – Industry Size by Volume (Thousands), 2008–2017
Figure 42: Singapore – Industry Size by Transaction Value (SGD Million), 2008–2017
Figure 43: Singapore – Industry Size by Transaction Volume (Million), 2008–2017
Figure 44: Singapore – Debit Card Category Size by Volume (Thousands), 2008–2017
Figure 45: Singapore – Debit Card Category Size by Transaction Value (SGD Million), 2008–2017
Figure 46: Singapore – Debit Card Category Size by Transaction Volume (Million), 2008–2017
Figure 47: Singapore – Card Category Size by Frequency of Use (Transaction/Card/Year), 2008–2017
Figure 48: Debit Card Usage at ATMs and POS Terminals (Million), 2008–2017
Figure 49: Singapore – Prepaid Card Category Size by Volume (Thousands), 2008–2017
Figure 50: Singapore – Open-Loop Prepaid Cards Segment Size (Thousands), 2008–2017
Figure 51: Singapore – Closed-Loop Prepaid Cards Segment Size (Thousands), 2008–2017
Figure 52: Singapore – Prepaid Cards Category Size by Transaction Value (SGD Million), 2008–2017
Figure 53: Singapore – Charge Card Category Size by Volume (Million), 2008–2017
Figure 54: Singapore – Charge Card Category Size by Transaction Value (SGD Million), 2008–2017
Figure 55: Singapore – Charge Card Category Size by Transaction Volume (Million), 2008–2017
Figure 56: Singapore – Charge Card Category Size by Frequency of Use (Transaction/Card/Year), 2008–2017
Figure 57: Singapore – Credit Card Category Size by Volume (Thousands), 2008–2017
Figure 58: Singapore – Credit Card Category Size by Transaction Value (SGD Million), 2008–2017
Figure 59: Singapore – Credit Card Category Size by Transaction Volume (Million), 2008–2017
Figure 60: Singapore – Credit Card Category Size by Frequency of Use (Transaction/Card/Year), 2008–2017
Figure 61: Singapore – Credit Card Category Size by Average Transaction Value (SGD), 2008–2017
Figure 62: DBS Bank – Market Segmentation of Cards Offered
Figure 63: United Overseas Bank , Market Segmentation of Cards Offered
Figure 64: Oversea Chinese Banking Corporation (OCBC) – Market Segmentation of Cards Offered