Financial Cards and Payments in Singapore

Description

Card payment transactions in Singapore are expected to grow significantly in current value and volume terms in 2024. Singapore's transition toward a cashless society has continued to accelerate in 2024, underpinned by economic growth and strong consumer spending. Despite global uncertainties, Singapore's economy grew by 4.1% year-on-year in the third quarter of 2024, extending the average growth in the first half of 3.0%. This economic stability, bolstered by a surge in tourist arrivals, has fos...

Euromonitor International's Financial Cards and Payments in Singapore report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards, pre-paid cards and store cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.

Product coverage: Financial Cards in Circulation, Mobile Payments, Transactions.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

Get a detailed picture of the Financial Cards and Payments market;
Pinpoint growth sectors and identify factors driving change;
Understand the competitive environment, the market's major players and leading brands;
Use five-year forecasts to assess how the market is predicted to develop.

Product Code: FCSG

List Of Contents And Tables

EXECUTIVE SUMMARY

Financial cards and payments in 2024: The big picture
2024 key trends
Singapore government continues to push for a digitally connected society
Competitive landscape
What next for financial cards and payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2019-2024
Table 2 Number of ATMs: Units 2019-2024
Table 3 Value Lost to Fraud 2019-2024
Table 4 Card Expenditure by Location 2024
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
Table 6 Domestic versus Foreign Spend 2024

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 8 Financial Cards by Category: Number of Accounts 2019-2024
Table 9 Financial Cards Transactions by Category: Value 2019-2024
Table 10 Financial Cards by Category: Number of Transactions 2019-2024
Table 11 Consumer Payments by Category: Value 2019-2024
Table 12 Consumer Payments by Category: Number of Transactions 2019-2024
Table 13 M-Commerce by Category: Value 2019-2024
Table 14 M-Commerce by Category: % Value Growth 2019-2024
Table 15 Financial Cards: Number of Cards by Issuer 2019-2023
Table 16 Financial Cards: Number of Cards by Operator 2019-2023
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
Table 20 Forecast Financial Cards by Category: Number of Accounts 2024-2029
Table 21 Forecast Financial Cards Transactions by Category: Value 2024-2029
Table 22 Forecast Financial Cards by Category: Number of Transactions 2024-2029
Table 23 Forecast Consumer Payments by Category: Value 2024-2029
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
Table 25 Forecast M-Commerce by Category: Value 2024-2029
Table 26 Forecast M-Commerce by Category: % Value Growth 2024-2029

DISCLAIMER

SOURCES

Summary 1 Research Sources

DEBIT CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

Debit cards are preferred by students, and usually used for low to medium value transactions
A cheaper alternative for hassle-free travel, supported by renewed regulations
Growth of multi-currency commercial debit cards

PROSPECTS AND OPPORTUNITIES

Increasing transaction volumes and value, driven by broader adoption across demographics
Debit cards are becoming increasingly competitive with credit cards
Debit card issuers likely to embrace collaborations and partnerships to remain competitive

CATEGORY DATA

Table 27 Debit Cards: Number of Cards in Circulation 2019-2024
Table 28 Debit Cards Transactions 2019-2024
Table 29 Debit Cards in Circulation: % Growth 2019-2024
Table 30 Debit Cards Transactions: % Growth 2019-2024
Table 31 Debit Cards: Number of Cards by Issuer 2019-2023
Table 32 Debit Cards: Number of Cards by Operator 2019-2023
Table 33 Debit Cards Payment Transaction Value by Issuer 2019-2023
Table 34 Debit Cards Payment Transaction Value by Operator 2019-2023
Table 35 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
Table 36 Forecast Debit Cards Transactions 2024-2029
Table 37 Forecast Debit Cards in Circulation: % Growth 2024-2029
Table 38 Forecast Debit Cards Transactions: % Growth 2024-2029

CREDIT CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

Strong growth in international visitor arrivals contributes to growth, spurred by an increase in entertainment activities
With the increasing competition, banks offer increasingly attractive rewards
The entry of non-traditional players, and the easy comparison of credit cards

PROSPECTS AND OPPORTUNITIES

The intensifying competition will benefit consumers and fuel growth in credit cards
Strong macroeconomic environment to fuel further growth in credit cards in Singapore
Cybersecurity and fraud prevention the topmost concerns of Singapore's regulators

CATEGORY DATA

Table 39 Credit Cards: Number of Cards in Circulation 2019-2024
Table 40 Credit Cards Transactions 2019-2024
Table 41 Credit Cards in Circulation: % Growth 2019-2024
Table 42 Credit Cards Transactions: % Growth 2019-2024
Table 43 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 44 Commercial Credit Cards Transactions 2019-2024
Table 45 Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 46 Commercial Credit Cards Transactions: % Growth 2019-2024
Table 47 Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 48 Personal Credit Cards Transactions 2019-2024
Table 49 Personal Credit Cards in Circulation: % Growth 2019-2024
Table 50 Personal Credit Cards Transactions: % Growth 2019-2024
Table 51 Credit Cards: Number of Cards by Issuer 2019-2023
Table 52 Credit Cards: Number of Cards by Operator 2019-2023
Table 53 Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 54 Credit Cards Payment Transaction Value by Operator 2019-2023
Table 55 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
Table 56 Commercial Credit Cards: Number of Cards by Operator 2019-2023
Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
Table 59 Personal Credit Cards: Number of Cards by Issuer 2019-2023
Table 60 Personal Credit Cards: Number of Cards by Operator 2019-2023
Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 62 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
Table 63 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
Table 64 Forecast Credit Cards Transactions 2024-2029
Table 65 Forecast Credit Cards in Circulation: % Growth 2024-2029
Table 66 Forecast Credit Cards Transactions: % Growth 2024-2029
Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
Table 68 Forecast Commercial Credit Cards Transactions 2024-2029
Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
Table 72 Forecast Personal Credit Cards Transactions 2024-2029
Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
Table 74 Forecast Personal Credit Cards Transactions: % Growth 2024-2029

CHARGE CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

Traction remains low for charge cards in Singapore due to limited merchant acceptance
Commercial charge cards struggles to achieve growth due to competition from other payment methods
American Express expands its member benefits to attract a wider audience

PROSPECTS AND OPPORTUNITIES

Limited merchant acceptance will continue to limit growth for charge cards in Singapore
Competition from credit cards is accelerating
Businesses likely to prefer payment methods other than charge cards

CATEGORY DATA

Table 75 Charge Cards: Number of Cards in Circulation 2019-2024
Table 76 Charge Cards Transactions 2019-2024
Table 77 Charge Cards in Circulation: % Growth 2019-2024
Table 78 Charge Cards Transactions: % Growth 2019-2024
Table 79 Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 80 Commercial Charge Cards Transactions 2019-2024
Table 81 Commercial Charge Cards in Circulation: % Growth 2019-2024
Table 82 Commercial Charge Cards Transactions: % Growth 2019-2024
Table 83 Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 84 Personal Charge Cards Transactions 2019-2024
Table 85 Personal Charge Cards in Circulation: % Growth 2019-2024
Table 86 Personal Charge Cards Transactions: % Growth 2019-2024
Table 87 Charge Cards: Number of Cards by Issuer 2019-2023
Table 88 Charge Cards: Number of Cards by Operator 2019-2023
Table 89 Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 90 Charge Cards Payment Transaction Value by Operator 2019-2023
Table 91 Commercial Charge Cards: Number of Cards by Issuer 2019-2023
Table 92 Commercial Charge Cards: Number of Cards by Operator 2019-2023
Table 93 Commercial Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 94 Commercial Charge Cards Payment Transaction Value by Operator 2019-2023
Table 95 Personal Charge Cards: Number of Cards by Issuer 2019-2023
Table 96 Personal Charge Cards: Number of Cards by Operator 2019-2023
Table 97 Personal Charge Cards Transaction Value by Issuer 2019-2023
Table 98 Personal Charge Cards Transaction Value by Operator 2019-2023
Table 99 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
Table 100 Forecast Charge Cards Transactions 2024-2029
Table 101 Forecast Charge Cards in Circulation: % Growth 2024-2029
Table 102 Forecast Charge Cards Transactions: % Growth 2024-2029
Table 103 Forecast Commercial Charge Cards: Number of Cards in Circulation 2024-2029
Table 104 Forecast Commercial Charge Cards Transactions 2024-2029
Table 105 Forecast Commercial Charge Cards in Circulation: % Growth 2024-2029
Table 106 Forecast Commercial Charge Cards Transactions: % Growth 2024-2029
Table 107 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
Table 108 Forecast Personal Charge Cards Transactions 2024-2029
Table 109 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
Table 110 Forecast Personal Charge Cards Transactions: % Growth 2024-2029

PRE-PAID CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

Gradual increase in pre-paid cards, with the increasing functionality of open loop cards valued
Gradual shift away from physical stored-value closed loop cards
Merchant issued closed loop gift cards also suffer

PROSPECTS AND OPPORTUNITIES

Pre-paid cards will need to evolve to meet the demands of Singapore's cashless economy
Steady growth of open loop pre-paid cards set to be driven by the adoption of digital payment methods and government initiatives
Collaborative initiatives likely to be used to offer benefits and drive demand for pre-paid cards

CATEGORY DATA

Table 111 Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 112 Pre-paid Cards Transactions 2019-2024
Table 113 Pre-paid Cards in Circulation: % Growth 2019-2024
Table 114 Pre-paid Cards Transactions: % Growth 2019-2024
Table 115 Closed Loop Pre-paid Cards Transactions 2019-2024
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 117 Open Loop Pre-paid Cards Transactions 2019-2024
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 119 Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 120 Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 121 Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 122 Pre-paid Cards Transaction Value by Operator 2019-2023
Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
Table 132 Forecast Pre-paid Cards Transactions 2024-2029
Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
Table 134 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
Table 137 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029

Financial Cards and Payments in Singapore

Description

Table of Contents

Why buy this report?

TABLE OF CONTENTS

List Of Contents And Tables

EXECUTIVE SUMMARY

MARKET INDICATORS

MARKET DATA

DISCLAIMER

SOURCES

DEBIT CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

PROSPECTS AND OPPORTUNITIES

CATEGORY DATA

CREDIT CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

PROSPECTS AND OPPORTUNITIES

CATEGORY DATA

CHARGE CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

PROSPECTS AND OPPORTUNITIES

CATEGORY DATA

PRE-PAID CARDS IN SINGAPORE

KEY DATA FINDINGS

2024 DEVELOPMENTS

PROSPECTS AND OPPORTUNITIES

CATEGORY DATA