The Singapore payment card market grew at a CAGR of 3.3% in terms of number of cards in circulation, during the period 2012-2014. The country had a high penetration of 3.8 cards per person in 2014, with number of cards in circulation reaching 21.3 million and total population of the country being 5.6 million.
In Singapore, the debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for more than half of the total number of cards in circulation in Singapore. Some of the key players in the debit cards market include DBS Bank, United Overseas Bank, OCBC, Citibank and Standard Chartered Bank. By scheme, the number of debit cards in circulation was dominated by NETS 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.
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. Different marketing strategies numerous campaigns were introduced to attract consumers. The key players in the credit cards market include DBS Bank, United Overseas Bank and Citibank. In terms of the number of credit cards in circulation, United Overseas Bank was the leader in 2014.
The charge card segment represents a small portion of the Singaporean pay later card market but it is expected to gain momentum due to expected growth in the volume of high net worth individuals during the period 2015 – 2020.
News Courtesy: P&S Market Research