PROSPECTS AND OPPORTUNITIES
The intensifying competition will benefit consumers and fuel growth in credit cards
The credit cards landscape in Singapore is becoming increasingly competitive as both traditional banks and non-traditional financial players introduce innovative products and attractive rewards to capture share, benefiting consumers in terms of enhanced perks and more tailored offerings. This competitive dynamic is expected to drive continued strong growth in credit card transactions in both current value and volume terms in Singapore in the forecast period.
Strong macroeconomic environment to fuel further growth in credit cards in Singapore
The macroeconomic environment in Singapore is expected to play a pivotal role in driving further growth for credit cards moving forward, with a strong economic performance, increased investments, and a rise in both leisure and business tourism creating opportunities for higher-value consumer spending. Despite global economic uncertainties, Singapore’s economy has demonstrated resilience and is projected to experience steady growth beyond 2024.
Cybersecurity and fraud prevention the topmost concerns of Singapore’s regulators
Several new initiatives announced by Monetary Authority of Singapore (MAS), local banks, and the Singapore Police Force (SPF) aim to strengthen measures regarding safeguarding online transactions, preventing scams, and improving cybersecurity as digital payment use surges. One of the most significant security measures being rolled out is the “kill switch”, which allows credit card holders to immediately freeze their accounts if fraudulent activity is suspected.
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Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Credit Card Transactions industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Credit Card Transactions in Singapore report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Credit Card Transactions in Singapore?
- What are the major trends key to understanding Credit Card Transactions in Singapore?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Charge Cards in Singapore - Category analysis
Charge Cards in Singapore - Company Profile
KEY DATA FINDINGS
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
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
Credit Cards in Singapore - Category analysis
Credit Cards in Singapore - Company Profile
KEY DATA FINDINGS
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
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
Debit Cards in Singapore - Category analysis
Debit Cards in Singapore - Company Profile
KEY DATA FINDINGS
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
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
Pre-Paid Cards in Singapore - Category analysis
Pre-Paid Cards in Singapore - Company Profile
KEY DATA FINDINGS
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
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
Financial Cards and Payments in Singapore - Industry Overview
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?
DISCLAIMER
The following categories and subcategories are included:
Credit Card Transactions
- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
Credit Card Transactions
Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Credit Card Transactions research and analysis database.
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