ReportsnReports add new market research report to its vast collection. Singapore, one of the most advanced payment card markets in Asia, is now facing a new challenge in taking the next steps toward payment evolution. There has been substantial consumer demand for innovative forms of payment cards and there are now bright consumer prospects for new payment tools such as mobile payments.
Features and benefits
- Market sizing, forecasting and competitor shares are an invaluable guide for any cards player building a business case for activity in Singapore.
- In-depth insight into contactless, mobile, prepaid and online payments highlights future opportunities for all industry stakeholders.
- Detailed analysis of consumer segmentation and key drivers allows issuers to target consumers with inside knowledge of their true behavior and needs.
Highlights
A total of 849.9 million transactions were made using payment cards in 2010, represents a CAGR of 11.4% from 2006. Credit card transactions accounted for 69.6% of the total, which in absolute terms equated to 591.8 million transactions. Datamonitor forecasts the number of payment cards to increase at a CAGR of 5.0% between 2010 and 2015.
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Report Details:
No. of Pages: 114
Two out of three Singaporean consumers are interested in using their mobile phone as a payment tool, which shows a clear message to the industry that there is a substantial level of demand among consumers. Indeed, 23% indicated they are very interested in paying in shops with their mobile phone, while 47% indicated they are quite interested.
Your key questions answered
- Which card segments are showing the fastest growth in the Singapore payments market and why?
- Who are the key players in Singaporean card payments and what is their market share?
- How extensive are mobile, online, prepaid and contactless payments and where does future growth lie?
Table of Contents
OVERVIEW
Catalyst
Summary
EXECUTIVE SUMMARY
Sizing and forecasting the payment card market in Singapore
Competitor and product developments in Singapore
Singaporean credit card consumers
High credit card penetration but low revolve rates represent a challenge for issuers
Consumer-issuer interactions are at risk due to low primacy levels
Online, contactless, prepaid, and mobile payments
Online payments were an estimated $860m market in 2011
Prepaid card: banks need to step in to target niche consumer needs on prepaid cards
Contactless payments represent a $3.1bn opportunity in Singapore alone
Industry collaboration sets to answer strong consumer demand for mobile payments
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
Number of payment card transactions
Value of payment card transactions
Credit card balances outstanding, revolve rates, and repayment behavior
Forecasting the payment card market in Singapore
Forecasting the pay now card market
Forecasting the revolving credit card market
Forecasting the charge card market
COMPETITOR AND PRODUCT DEVELOPMENTS IN SINGAPORE
Overview
Key competitors
DBS Bank
OCBC Bank
UOB
Card issuer market shares and performance
Credit card market shares
Credit card branding and usage
Frequency of use by brand
Credit card product features
Leading revolving credit products and price points
Consumer satisfaction by credit card brand
Pay now card market shares
Charge/deferred debit card market shares
Card scheme market shares and developments
Pay now card scheme shares
Revolving credit card scheme shares
Charge card scheme shares
SINGAPOREAN CREDIT CARD CONSUMERS
Datamonitor has defined two Singaporean credit card consumer profiles
Transactors: consumers who primarily pay their balances in full
Revolvers: consumers who frequently borrow on their cards
High credit card penetration but low revolve rates represent a challenge for issuers
Credit cards have become the second most owned financial product in Singapore
Credit cards are highly popular across all working age groups
Transactors dominate Singaporean credit card consumers
The emergence of the online channel for researching and applying for new cards is changing the market
Online has become the dominant source of information for new credit card customers
Online has emerged as the main channel for credit card application
Consumer-issuer interactions are at risk due to low primacy levels
Globally, Singapore ranks last in term of credit card primacy level
Young and multi-card users are the segment most likely to switch
ONLINE, CONTACTLESS, PREPAID, AND MOBILE PAYMENTS
Overview
Online payments were an estimated $860m market in 2011
Singapore’s online payments market is relatively small on a per capita basis, representing extra room for growth
Credit cards account for the majority of online transactions in Singapore, in line with global trends
Prepaid cards: banks need to step in to target niche consumer needs on prepaid cards
Non-banks card issuers dominate the offering of prepaid cards in Singapore
Banks should explore opportunities related to three niche consumer needs
Contactless payments represent a $3.1bn opportunity in Singapore alone
High usage of EZ-Link and NETS cards drives further demand for open loop contactless cards
Singapore is the seventh largest market in terms of potential opportunity per person for contactless payments in Asia Pacific
Convenience stores offer the biggest opportunity for contactless payments
Industry collaboration set to answer strong consumer demand for mobile payments
NFC payments are expected to arrive in Singapore in 2012
The concept of mobile as a payment tool is well-received by Singaporean consumers
Singapore has one of the highest proportions of early adopters in mobile payments, if the technology is available today
APPENDIX
Supplementary data
Definitions
(Untitled sub-section)
Methodology
Datamonitor NFC Adoption Model
Cards and payments database
Datamonitor’s FSCI Survey has been expanded, providing improved, new, and valuable insight
Forecasting methodology
Further reading
Ask the analyst
Disclaimer
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