Singapore Cards and Payments Market is one of the Most Competitive and Attractive Market in Asia-Pacific Region: P&S Market Research

NEW YORK, January 4, 2016 /PRNewswire/ --

The report includes the market size and forecast of the Singapore Cards and Payments Market, for the period 2012 to 2020 (in terms of no of cards, value and volume of transactions processed through these cards), along with the key trends, developments, major schemes, banks and card market by customer segments. The report also includes competitive landscape (card issuers in the country) for both debit cards and credit cards.

     (Logo: http://photos.prnewswire.com/prnh/20150727/756778 )

Explore Report with Detailed TOC on "Singapore Cards and Payments Market" at: https://www.psmarketresearch.com/market-analysis/singapore-cards-and-payments-market

In terms of number of cards in circulation, the Singaporean payment cards market grew at a CAGR of 3.3% during the period 2012 -2014 and is expected to grow at a CAGR of 2.7% over the period 2015 - 2020. The total number of cards in circulation reached 21.3 million by the end of 2014, whereas the total population of the country reached 5.6 million, which represents a high penetration of 3.8 cards per person in 2014.

Purchases made by payment cards at POS valued at SGD 76,108 million in 2014, accounting for 52.4% of the total value of transactions. The total number of transactions reached 784 million in 2014, having witnessed a CAGR of 6.7% over 2012-2014; expected to grow by CAGR of 4.9% to reach 1,027 million by 2020.

In Singapore, debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 53% of the total number of cards in circulation in Singapore. The frequency of debit card use grew at a CAGR of 2.6% during 2012-2014. The frequency of transaction is expected to reach up to 48.4 times a year in 2020. Debit cards recorded an increase in average transaction value (ATV), which increased from SGD 191.1 in 2012 to SGD 196 in 2014.Some of the key players in the debit cards market include DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation Ltd, Citibank and Standard Chartered Bank.

Ask for Sample Pages: https://www.psmarketresearch.com/market-analysis/singapore-cards-and-payments-market/report-sample

By scheme, the number of debit cards in circulation was dominated by NETS with market share of 79% in 2014. NETS is an online debit payment system jointly owned by DBS Bank, OCBC Bank and United Oversea Bank. DBS Bank was the leading bank in terms of the number of debit cards in 2014.

The value of credit card transactions reported at POS terminals was greater than that reported at ATMs. The transaction value at POS accounted for 95.7% of the total credit cards transaction value in 2014. Singapore has the second highest credit card penetration in the Asia-Pacific region.

There was intense competition among credit card issuers to encourage card usage and spend. Credit card issuing banks implement various marketing strategic and offered numerous campaigns to attract consumers. Key players in the credit cards market include DBS Bank, United Overseas Bank and Citibank. In terms of the number of cards in circulation, leading company in the credit card category was United Overseas Bank Ltd, with a market share of 22.5% in 2014. In July 2015, The Monetary Authority of Singapore implemented new rules for credit cards to help credit cardholders who have difficulty repaying their outstanding debt.

Charge cards segment represents a small portion of the Singaporean pay later card market but is expected to gain momentum due to expected growth in the volume of high net worth individuals during the period 2015 - 2020. Average charge card transaction value increased from SGD 168.9 in 2012 to SGD 171.8 in 2014, at a CAGR of 0.8%. The average transaction value is anticipated to grow at a CAGR of 1.4% during the forecast period of 2015-2020.

Browse More Reports 

Turkey Cards and Payments Market- https://www.psmarketresearch.com/market-analysis/turkey-cards-and-payments-market

Peru Cards and Payments Market- https://www.psmarketresearch.com/market-analysis/peru-databook-cards-payments-market

Chile Cards and Payments Market- https://www.psmarketresearch.com/market-analysis/chile-databook-cards-payments-market

About P&S Market Research 

P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.

As one of the top growing market research agency, we're keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

Contact:
Ms Somya
Manager - Client Partner
347, 5th Ave. #1402
New York City, NY - 10016
Toll-Free: +1-888-778-7886 (USA/Canada)
Email: [email protected]

Web: https://www.psmarketresearch.com

SOURCE P&S Market Research