Payment Cards in Singapore

Introduction

Payment Cards in Singapore is an invaluable guide to one of the most interesting payment card markets in Asia Pacfific. The report provides statistics on market size, competitor market shares and forecasts. It also provides an overview of regulation, competitor activities, issuer strategy and product innovation including developments in contactless, mobile payments, online and prepaid cards.
Features and benefits

* Detailed market data, market shares and forecasts are an invaluable guide for any payments player building a business case for activity in Singapore.* Analysis of the opportunities across different consumer segments allows for specific targeting of the most profitable customer groups.* In depth insight into contactless, mobile, prepaid and online payments highlight future revenue generation opportunities for all industry stakeholders
Highlights

Singapore is a relatively small country which has become the financial hub of South East Asia and arguably the main financial center in Asia. In terms of payment cards, Singapore has advanced payment infrastructures and positive consumer attitudes towards developing technology in this sector.The majority of payment cards in Singapore are pay now cards, which are expected to dominate the market throughout the next five-year period. However, the key growth sector is credit cards, which is expected to grow at a CAGR of 7.6% over 2009–14, from 5.4 million to 8.6 million.With over 5 million credit cards in circulation, credit card issuers in Singapore need to understand the different customer segments that currently make up the market. Two out of three credit card users in Singapore are transactors, which is a fairly common trend among many other developed countries surveyed by Datamonitor.
Your key questions answered

* Which card segments are showing the fastest growth in Singaporean market and why?* Who are the key players in Singapore and their market share?* How do consumers react to different card offers and what features may attract new customers?* Should financial institutions in Singapore include a contactless strategy in their short to medium term strategy?
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Executive Summary
Sizing and forecasting the payment card market in Singapore
Singapore has well established payment infrastructures
Credit cards are expected to grow faster than debit cards
Transactors dominate the credit card market in Singapore
Competitor and product developments in Singapore
Banks are targeting niche consumer needs through exclusive credit card discount offers
"No frills" cards may attract some opportunities in Singapore
Online, contactless, prepaid and mobile payments
The online payment market is dominated by card-based payments
Credit card issuers need to address security issues in order to maintain their lead in e-commerce
Singapore has a fragmented but advanced contactless payment infrastructure
Contactless payments are a $2.8bn opportunity in Singapore
Mobile payments: financial services providers should also look beyond contactless cards
OVERVIEW
Catalyst
Summary
SIZING AND FORECASTING THE PAYMENT CARD MARKET IN SINGAPORE
Overview
Key macroeconomic and consumer data
Macroeconomic trends and performance
Demographic and consumer trends
Sizing the payment card market in Singapore
Size and performance of the payment card market
Market structure and key issues
The payment market is regulated by the Monetary Authority of Singapore
Singapore has well established payment infrastructures
Forecasting the payment card market in Singapore
Forecasting the pay now card market
Forecasting the revolving credit card market
Forecasting the charge card market
Singapore credit card customer segments
Definitions of Datamonitor's credit card customer profiles
Transactors are the dominant credit card customer segment in Singapore
Transactors and revolvers have similar income profiles
FS providers should target transactors at the upper income level
COMPETITOR AND PRODUCT DEVELOPMENTS IN SINGAPORE
Overview
Profiles of the key players in Singapore
DBS Bank
OCBC Bank
UOB
Card issuer market shares and performance
Credit card market shares
Pay now card market shares
Charge card market shares
Product design and issuer strategy in Singapore
Credit card issuers put strong emphasis on reward programs
Rewards drive customer acquisition leading issuers to rely on fee income
Regulation has been a key driver of high credit card holding in Singapore
Product innovations are focusing on the delivery of rewards to consumers
Winning new business: No frills cards are an opportunity while consumers want streamlined applications
Debit cards on international schemes becomes the main differentiation factor for deposit products
Card scheme market shares and developments
Pay now card scheme shares
Charge card scheme shares
ONLINE, CONTACTLESS, PREPAID, AND MOBILE PAYMENTS
Overview
The online payment market is dominated by card-based payments
79.3% of online purchases are made with credit cards
Online payments in Singapore are strongly associated with big ticket items
Singapore represents a smaller online market than many developed countries
Online fraud is an important issue in the market
Singapore has a fragmented but advanced contactless payment infrastructure
Prepaid cards dominate contactless payments in Singapore
Credit card issuers should take advantage of existing infrastructure and positive consumer uptake
Mobile payments: FS providers should look beyond contactless cards
Advanced contactless card infrastructures provide a head-start for Singapore's mobile NFC payments
Collaborations between industries will enhance the adoption of NFC payment technology
APPENDIX
Supplementary data
Definitions
[Missing title]
Methodology
Cards and payments database
Financial Services Consumer Insight is new to our offering, providing new and valuable insight
Forecasting methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer

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