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Singapores Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Published By :

Timetric

Published Date : Nov 2013

Category :

Banking

No. of Pages : 111 Pages


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 debit, credit, charge and prepaid 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.

Executive summary

In terms of the number of cards in circulation, Singapore’s card payments channel grew at a review-period (2008–2012) CAGR of 8.52% and, in terms of transaction value, at a review-period CAGR of 8.12%. Over the forecast period (2013–2017), the card payments channel is expected to record a CAGR of 5.05% in terms of the number of cards in circulation and 7.35% in terms of transaction value. In terms of transaction value, the card payments channel is dominated by the debit card category which constituted 66.2% of overall card transactions in 2012. The category’s channel share is projected to increase to 66.3% in 2017. The value of debit card transactions grew at a review-period CAGR of 7.28% and is expected to post a forecast-period CAGR of 7.46%. The debit card category is projected to record the largest growth in terms of transaction value as customers opt for 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 types of cards in Singapore.
  • Gain insights into key regulations governing Singapore’s cards and payments industry.

Key highlights

  • The most popular payment channel in 2008 was checks, constituting 67.3% of the overall payment channels. In 2012, the share of check-based payments declined to 63.8%. The share of card-based payments increased from 10.0% in 2008 to 11.0% in 2012. The share of direct debit transactions increased from 6.4% in 2008 to 6.8% in 2012.
  • The prepaid card category was the largest in the card payments channel in 2012, accounting for 54.9% of the category’s value. This was followed by the debit card category with a share of 23.9% and the credit card category with a share of 20.4%, while the charge card category occupied a nominal share of 0.8%.
  • The Intelligent Nation 2015 masterplan, drawn up by the government of Singapore, is expected to provide support for the growth of the cards and payments industry over the forecast period. The masterplan aims to achieve a 90% home broadband penetration rate alongside a computer in the house of every family with school-going children.
  • Banks are using social networking sites to increase their card businesses. Citibank Singapore launched the Clear Platinum card which specifically targets social network users and encourages online shopping.
Table of contents

1 Executive Summary

2 Analysis of Market Environment, Key Trends and Drivers
2.1 Payment Infrastructure and Emerging Technologies
2.1.1 ATMs
2.1.2 POS terminals
2.1.3 Internet penetration
2.1.4 Emergence of near-field communication (NFC) mobile wallets
2.1.5 Network related
2.2 Business Drivers
2.2.1 Remittance outflows
2.2.2 Mobile commerce
2.2.3 Retail sector dynamics
2.3 Macroeconomic Drivers
2.3.1 GDP
2.3.2 Inflation rate
2.3.3 GDP per capita
2.3.4 Unemployment rate

3 Cards and Payments Industry Share Analysis
3.1 Industry Overview
3.1.1 Checks
3.1.2 Credit transfer
3.1.3 Cards
3.1.4 Direct debit

4 Regulatory Framework and Card Fraud Statistics
4.1 Regulatory Framework
4.1.1 Anti-Terrorism Financing Regulations
4.1.2 Foreign direct investment (FDI) regulations
4.2 Card Fraud Statistics
4.2.1 Counterfeit cards
4.2.2 Cards-not-present
4.2.3 Cards lost/stolen
4.2.4 Card ID theft

5 Emerging Consumer Attitudes and Trends
5.1 Market Segmentation and Targeting
5.1.1 Retail segment
5.1.2 Specific customer groups
5.1.3 Corporate segment
5.2 Travel and Tourism Spending
5.2.1 Outbound tourists volume
5.2.2 Outbound tourist spending
5.3 Retail Card Spending
5.3.1 Analysis by product categories
5.3.2 Analysis by retail channels

6 Analysis of Card Payments and Growth Prospects
6.1 Channel Share Analysis by Card Category
6.2 Size and Forecast of the Card Payments Channel
6.2.1 Analysis by volume of cards in circulation
6.2.2 Analysis by transaction value

7 Analysis of Credit Card Payments and Growth Prospects
7.1 Overall Category Size and Forecast
7.1.1 Analysis by volume of cards in circulation
7.1.2 Analysis by transaction value
7.1.3 Analysis by transaction volume
7.2 Transaction Share Analysis by Channel
7.2.1 Analysis by transaction value
7.2.2 Analysis by transaction volume
7.3 Personal Credit Cards Segment Size and Forecast
7.3.1 Analysis by number of cards in circulation
7.3.2 Analysis by transaction value
7.3.3 Analysis by transaction volume
7.4 Commercial Credit Cards Segment Size and Forecast
7.4.1 Analysis by number of cards in circulation
7.4.2 Analysis by transaction value
7.4.3 Analysis by transaction volume
7.5 Competitive Landscape
7.5.1 Scheme share analysis
7.5.2 Issuer share analysis

8 Analysis of Debit Card Payments and Growth Prospects
8.1 Overall Category Size and Forecast
8.1.1 Analysis by volume of cards in circulation
8.1.2 Analysis by transaction value
8.1.3 Analysis by transaction volume
8.2 Transaction Share Analysis by Channel
8.2.1 Analysis by transaction value
8.2.2 Analysis by transaction volume
8.3 Competitive Landscape
8.3.1 Scheme share analysis
8.3.2 Issuer share analysis

9 Analysis of Charge Card Payments and Growth Prospects
9.1 Overall Category Size and Forecast
9.1.1 Analysis by number of cards in circulation
9.1.2 Analysis by transaction value
9.1.3 Analysis by transaction volume
9.2 Transaction Share Analysis by Channel
9.2.1 Analysis by transaction value
9.2.2 Analysis by transaction volume
9.3 Personal Charge Cards Segment Size and Forecast
9.3.1 Analysis by number of cards in circulation
9.3.2 Analysis by transaction value
9.3.3 Analysis by transaction volume
9.4 Commercial Charge Cards Segment Size and Forecast
9.4.1 Analysis by number of cards in circulation
9.4.2 Analysis by transaction value
9.4.3 Analysis by transaction volume
9.5 Competitive Landscape
9.5.1 Scheme share analysis
9.5.2 Issuer share analysis

10 Analysis of Prepaid Card Payments and Growth Prospects
10.1 Overall Category Size and Forecast
10.1.1 Analysis by number of cards in circulation
10.1.2 Analysis by transaction value
10.2 Open-Loop Prepaid Cards Segment Size and Forecast
10.2.1 Analysis by number of cards in circulation
10.2.2 Analysis by transaction value
10.3 Closed-Loop Prepaid Cards Segment Size and Forecast
10.3.1 Analysis by number of cards in circulation
10.3.2 Analysis by transaction value

11 Merchant Acquiring
11.1 Merchant Acquirers in the Country

12 Company Profiles of Card Issuers
12.1 DBS Bank
12.1.1 Key financials
12.1.2 Card portfolio
12.1.3 Strategies
12.2 United Overseas Bank
12.2.1 Key financials
12.2.2 Card portfolio
12.2.3 Strategies
12.3 Oversea Chinese Banking Corporation (OCBC)
12.3.1 Key financials
12.3.2 Card portfolio
12.3.3 Strategies
12.4 Citibank Singapore
12.4.1 Card portfolio
12.4.2 Strategies
12.5 Standard Chartered Bank
12.5.1 Card portfolio
12.5.2 Strategies

13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services
13.5 Definitions
13.6 Disclaimer

List of Table


Table 1: Singaporean Payment Channels (SGD Billion), 2008–2012
Table 2: Singaporean Card Fraud (SGD Million), 2008–2012
Table 3: Cards Targeting Retail Customers in Singapore
Table 4: Cards Targeting Students in Singapore
Table 5: Cards Targeting the Female Population of Singapore
Table 6: Singaporean Consumer Spending through Cards by Product Category (SGD Million), 2008–2012
Table 7: Singaporean Consumer Spending through Cards by Retail Channel (SGD Million), 2008–2017
Table 8: Singaporean Card Payments Channel by Card Category (Thousand), 2008–2017
Table 9: Singaporean Card Payments Channel Size by Volume of Cards (Million), 2008–2017
Table 10: Singaporean Card Payments Channel Size by Transaction Value (SGD Billion), 2008–2017
Table 11: Singaporean Card Payments Channel Size by Transaction Value (US$ Billion), 2008–2017
Table 12: Singaporean Credit Cards Category Size by Number of Cards (Million), 2008–2017
Table 13: Singaporean Credit Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Table 14: Singaporean Credit Cards Category Size by Transaction Value (US$ Billion), 2008–2017
Table 15: Singaporean Credit Card Category Size by Transaction Volume (Million), 2008–2017
Table 16: Singaporean Personal Credit Cards Segment Size by Number of Cards (Million), 2008–2017
Table 17: Singaporean Personal Credit Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Table 18: Singaporean Personal Credit Cards Segment Size by Transaction Value (US$ Billion), 2008–2017
Table 19: Singaporean Personal Credit Cards Segment Size by Transaction Volume (Million), 2008–2017
Table 20: Singaporean Commercial Credit Cards Segment Size by Number of Cards (Thousand), 2008–2017
Table 21: Singaporean Commercial Credit Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Table 22: Singaporean Commercial Credit Cards Segment Size by Transaction Value (US$ Billion), 2008–2017
Table 23: Singaporean Commercial Credit Cards Segment Size by Transaction Volume (Million), 2008–2017
Table 24: Singaporean Debit Cards Category Size by Number of Cards (Million), 2008–2017
Table 25: Singaporean Debit Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Table 26: Singaporean Debit Cards Category Size by Transaction Value (US$ Billion), 2008–2017
Table 27: Singaporean Debit Cards Category Size by Transaction Volume (Million), 2008–2017
Table 28: Singaporean Charge Cards Category Size by Number of Cards (Thousand), 2008–2017
Table 29: Singaporean Charge Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Table 30: Singaporean Charge Cards Category Size by Transaction Value (US$ Million), 2008–2017
Table 31: Singaporean Charge Cards Category Size by Transaction Volume (Million), 2008–2017
Table 32: Singaporean Personal Charge Cards Segment Size by Number of Cards (Thousand), 2008–2017
Table 33: Singaporean Personal Charge Cards Segment Size by Transaction Value (SGD Million), 2008–2017
Table 34: Singaporean Personal Charge Cards Segment Size by Transaction Value (US$ Million), 2008–2017
Table 35: Singaporean Personal Charge Cards Segment Size by Transaction Volume (Million), 2008–2017
Table 36: Singaporean Commercial Charge Cards Segment Size by Number of Cards (Thousand), 2008–2017
Table 37: Singaporean Commercial Charge Cards Segment Size by Transaction Value (SGD Million), 2008–2017
Table 38: Singaporean Commercial Charge Cards Segment Size by Transaction Value (US$ Million), 2008–2017
Table 39: Singaporean Commercial Charge Cards Segment Size by Transaction Volume (Million), 2008–2017
Table 40: Singaporean Prepaid Cards Category Size by Number of Cards (Million), 2008–2017
Table 41: Singaporean Prepaid Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Table 42: Singaporean Prepaid Cards Category Size by Transaction Value (US$ Billion), 2008–2017
Table 43: Singaporean Open-Loop Prepaid Cards Segment Size by Number of Cards (Million), 2008–2017
Table 44: Singaporean Open-Loop Prepaid Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Table 45: Singaporean Open-Loop Prepaid Cards Segment Size by Transaction Value (US$ Billion), 2008–2017
Table 46: Singaporean Closed-Loop Prepaid Cards Segment Size by Number of Cards (Million), 2008–2017
Table 47: Singaporean Closed-Loop Prepaid Cards Segment Size by Transaction Value (SGD Million), 2008–2017
Table 48: Singaporean Closed-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2008–2017
Table 49: DBS Bank’s Key Financial Indicators (SGD Million), 2011 and 2012
Table 50: DBS Bank – Card Product Offerings and Key Features
Table 51: United Overseas Bank’s Key Financial Indicators (SGD Million), 2011 and 2012
Table 52: United Overseas Bank – Card Product Offerings and Key Features
Table 53: OCBC’s Key Financial Indicators (SGD Million), December 2011 and 2012
Table 54: United Overseas Bank – Card Product Offerings and Key Features
Table 55: Citibank Singapore – Card Portfolio and Key Features
Table 56: Standard Chartered Bank – Card Portfolio and Key Features
Table 57: Standard Chartered Bank – Total Banking Relationship 360º Rewards Points
Table 58: Key Definitions

List of Chart


Figure 1: Benchmarking Singapore Card Payments Channel Against Other Large Markets in the Region, 2012
Figure 2: Singapore – Growth of Various Card Categories (%), 2008–2017
Figure 3: ATMs Penetration Per 100,000 Inhabitants in Singapore, 2008–2017
Figure 4: POS Terminals Penetration Per 100,000 Inhabitants in Singapore, 2008–2017
Figure 5: Internet Penetration in Singapore (%), 2008–2012
Figure 6: M-Commerce Transactions Value (US$ Million), 2009–2012
Figure 7: Retail Sales Value in Singapore (SGD Billion), 2008–2017
Figure 8: Gross Domestic Product Growth at Constant Prices (%), 2008–2017
Figure 9: Inflation at Average Consumer Prices (%), 2008–2017
Figure 10: GDP Per Capita Income Growth (US$), 2008–2017
Figure 11: Unemployment Rate (Percentage of Total Labor Force), 2008–2017
Figure 12: Share of Singaporean Payment Channels (%), 2008 and 2012
Figure 13: Share of Card Fraud by Various Types of Fraud in Singapore (%), 2008 and 2012
Figure 14: Singaporean Card Fraud Value by Counterfeit Cards (SGD Thousand), 2008–2012
Figure 15: Singaporean Card Fraud Value by Cards-not-Present (SGD Thousand), 2008–2012
Figure 16: Value of Card Fraud by Cards Lost/Stolen in Singapore (SGD Thousand), 2008–2012
Figure 17: Card ID Theft Fraud Value in Singapore (SGD Thousand), 2008–2012
Figure 18: Singaporean Card Payments Channel Segmentation by Card Type
Figure 19: Singaporean Volume of Outbound Departures (Million), 2008–2012
Figure 20: Singaporean Outbound Tourists Spending (SGD Billion), 2008–2017
Figure 21: Retail Consumer Card Spending by Product Category in Singapore (%), 2012
Figure 22: Singaporean Retail Consumer Card Spending by Retail Channel (%), 2012
Figure 23: Singaporean Card Payments Channel by Card Category (%), 2008–2017
Figure 24: Singaporean Card Payments Channel Size by Volume of Cards (Million), 2008–2017
Figure 25: Singaporean Card Payments Channel Size by Transaction Value (SGD Billion), 2008–2017
Figure 26: Singaporean Credit Cards Penetration Per Inhabitant (Million), 2008–2017
Figure 27: Singaporean Credit Cards Category Size by Number of Cards (Million), 2008–2017
Figure 28: Singaporean Credit Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Figure 29: Singaporean Credit Card Category Size by Transaction Volume (Million), 2008–2017
Figure 30: Singaporean Credit Card Transaction Value by Channel (SGD Billion), 2008–2017
Figure 31: Singaporean Credit Card Transaction Volume by Channel (Million), 2008–2017
Figure 32: Singaporean Personal Credit Cards Segment Size by Number of Cards (Million), 2008–2017
Figure 33: Singaporean Personal Credit Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Figure 34: Singaporean Personal Credit Cards Segment Size by Transaction Volume (Million), 2008–2017
Figure 35: Singaporean Commercial Credit Cards Segment Size by Number of Cards (Thousand), 2008–2017
Figure 36: Singaporean Commercial Credit Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Figure 37: Singaporean Commercial Credit Cards Segment Size by Transaction Volume (Million), 2008–2017
Figure 38: Singaporean Credit Cards Category Share by Scheme (%), 2012
Figure 39: Singaporean Credit Cards Category Share by Bank (%), 2012
Figure 40: Singaporean Debit Cards Category Penetration Per Inhabitant (Million), 2008–2017
Figure 41: Singaporean Debit Card Category Size by Number of Cards (Million), 2008–2017
Figure 42: Singaporean Debit Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Figure 43: Singaporean Debit Cards Category Size by Transaction Volume (Million), 2008–2017
Figure 44: Singaporean Debit Cards Category Transaction Value Share Analysis by Channel (Million), 2008–2017
Figure 45: Singaporean Debit Card Transaction Volume Share Analysis by Channel (Million), 2008–2017
Figure 46: Singaporean Debit Cards Category Share by Scheme (%), 2012
Figure 47: Singaporean Debit Cards Category Share by Bank (%), 2012
Figure 48: Singaporean Charge Cards Category Penetration Per 100 Inhabitants (Thousand), 2008–2017
Figure 49: Singaporean Charge Card Category Size by Number of Cards (Thousand), 2008–2017
Figure 50: Singaporean Charge Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Figure 51: Singaporean Charge Cards Category Size by Transaction Volume (Million), 2008–2017
Figure 52: Singaporean Charge Card Transaction Value Share Analysis by Channel (SGD Million), 2008–2017
Figure 53: Singaporean Charge Card Transactions Volume Share Analysis by Channel (Million), 2008–2017
Figure 54: Singaporean Personal Charge Cards Segment Size by Number of Cards (Thousand), 2008–2017
Figure 55: Singaporean Personal Charge Cards Segment Size by Transaction Value (SGD Million), 2008–2017
Figure 56: Singaporean Personal Charge Cards Segment Size by Transaction Volume (Million), 2008–2017
Figure 57: Singaporean Commercial Charge Cards Segment Size by Number of Cards (Thousand), 2008–2017
Figure 58: Singaporean Commercial Charge Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Figure 59: Singaporean Commercial Charge Cards Segment Size by Transaction Volume (Million), 2008–2017
Figure 60: Singaporean Charge Cards Category Share by Scheme (%), 2012
Figure 61: Singaporean Charge Cards Category Share by Issuer (%), 2012
Figure 62: Singaporean Prepaid Cards Category Penetration Per Inhabitant, 2008–2017
Figure 63: Singaporean Prepaid Cards Category Size by Number of Cards (Million), 2008–2017
Figure 64: Singaporean Prepaid Cards Category Size by Transaction Value (SGD Billion), 2008–2017
Figure 65: Singaporean Open-Loop Prepaid Cards Segment Size by Number of Cards (Million), 2008–2017
Figure 66: Singaporean Open-Loop Prepaid Cards Segment Size by Transaction Value (SGD Billion), 2008–2017
Figure 67: Singaporean Closed-Loop Prepaid Cards Segment Size by Number of Cards (Million), 2008–2017
Figure 68: Singaporean Closed-Loop Prepaid Cards Segment Size by Transaction Value (SGD Million), 2008–2017

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