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Financial Cards and Payments in Singapore

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The COVID-19 pandemic and the ensuing recession that followed in its wake have had a detrimental impact on consumer payments in Singapore, with both transaction volume and value declining in 2020. The drop in transaction value was in line with the 6.3% decline in GDP projected for Singapore by Euromonitor International's Macro Model. A heavily trade-reliant country, the COVID-19 situation in Singapore's main trading partners of China, Malaysia and the US has been a key factor in Singapore's econ...

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, M-Commerce, 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.
Table of Contents
Product Code: FCSG

TABLE OF CONTENTS

List OF CONTENTS AND TABLES

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Electronic and card payments continue to eat into the share of cash and other paper transactions

Acceleration in e-commerce as cautious consumers stay at home

Unprecedented support measures to help Singaporeans cope with the impact of COVID-19

What next for consumer payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2015-2020 Table 2 Number of ATMs: Units 2015-2020 Table 3 Value Lost to Fraud 2015-2020 Table 4 Card Expenditure by Location 2020 Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020 Table 6 Domestic versus Foreign Spend 2020

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020 Table 8 Financial Cards by Category: Number of Accounts 2015-2020 Table 9 Financial Cards Transactions by Category: Value 2015-2020 Table 10 Financial Cards by Category: Number of Transactions 2015-2020 Table 11 Consumer Payments by Category: Value 2015-2020 Table 12 Consumer Payments by Category: Number of Transactions 2015-2020 Table 13 M-Commerce by Category: Value 2015-2020 Table 14 M-Commerce by Category: % Value Growth 2015-2020 Table 15 Financial Cards: Number of Cards by Issuer 2015-2019 Table 16 Financial Cards: Number of Cards by Operator 2015-2019 Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019 Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019 Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025 Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025 Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025 Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025 Table 23 Forecast Consumer Payments by Category: Value 2020-2025 Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025 Table 25 Forecast M-Commerce by Category: Value 2020-2025 Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

KEY DATA FINDINGS

2020 IMPACT

Competitive landscape of debit cards remains largely unchanged

Preference for contactless payments during the COVID-19 pandemic drives popularity of debit cards

Moderation of spending is key amidst the wider economic recession due to COVID-19

RECOVERY AND OPPORTUNITIES

Debit card usage to remain strong in the medium term with cautious spending among Singaporeans

NETS going strong as leading debit card operator

CATEGORY DATA

Table 27 Debit Cards: Number of Cards in Circulation 2015-2020 Table 28 Debit Cards Transactions 2015-2020 Table 29 Debit Cards in Circulation: % Growth 2015-2020 Table 30 Debit Cards Transactions: % Growth 2015-2020 Table 31 Debit Cards: Number of Cards by Issuer 2015-2019 Table 32 Debit Cards: Number of Cards by Operator 2015-2019 Table 33 Debit Cards Payment Transaction Value by Issuer 2015-2019 Table 34 Debit Cards Payment Transaction Value by Operator 2015-2019 Table 35 Forecast Debit Cards: Number of Cards in Circulation 2020-2025 Table 36 Forecast Debit Cards Transactions 2020-2025 Table 37 Forecast Debit Cards in Circulation: % Growth 2020-2025 Table 38 Forecast Debit Cards Transactions: % Growth 2020-2025

KEY DATA FINDINGS

2020 IMPACT

Use of credit cards for contactless payments increases during the COVID-19 pandemic

Decline in credit card transaction value due to consumers holding back on discretionary and big-ticket spending

RECOVERY AND OPPORTUNITIES

Immediate return to positive growth expected from 2021 for credit card transactions

Rise in the popularity of no-frills credit cards as issuers re-examine the relevance of rewards

Visa and Mastercard remain the leading operators

CATEGORY DATA

Table 39 Credit Cards: Number of Cards in Circulation 2015-2020 Table 40 Credit Cards Transactions 2015-2020 Table 41 Credit Cards in Circulation: % Growth 2015-2020 Table 42 Credit Cards Transactions: % Growth 2015-2020 Table 43 Commercial Credit Cards: Number of Cards in Circulation 2015-2020 Table 44 Commercial Credit Cards Transactions 2015-2020 Table 45 Commercial Credit Cards in Circulation: % Growth 2015-2020 Table 46 Commercial Credit Cards Transactions: % Growth 2015-2020 Table 47 Personal Credit Cards: Number of Cards in Circulation 2015-2020 Table 48 Personal Credit Cards Transactions 2015-2020 Table 49 Personal Credit Cards in Circulation: % Growth 2015-2020 Table 50 Personal Credit Cards Transactions: % Growth 2015-2020 Table 51 Credit Cards: Number of Cards by Issuer 2015-2019 Table 52 Credit Cards: Number of Cards by Operator 2015-2019 Table 53 Credit Cards Payment Transaction Value by Issuer 2015-2019 Table 54 Credit Cards Payment Transaction Value by Operator 2015-2019 Table 55 Commercial Credit Cards: Number of Cards by Issuer 2015-2019 Table 56 Commercial Credit Cards: Number of Cards by Operator 2015-2019 Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019 Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019 Table 59 Personal Credit Cards: Number of Cards by Issuer 2015-2019 Table 60 Personal Credit Cards: Number of Cards by Operator 2015-2019 Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019 Table 62 Personal Credit Cards Payment Transaction Value by Operator 2015-2019 Table 63 Forecast Credit Cards: Number of Cards in Circulation 2020-2025 Table 64 Forecast Credit Cards Transactions 2020-2025 Table 65 Forecast Credit Cards in Circulation: % Growth 2020-2025 Table 66 Forecast Credit Cards Transactions: % Growth 2020-2025 Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025 Table 68 Forecast Commercial Credit Cards Transactions 2020-2025 Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025 Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025 Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025 Table 72 Forecast Personal Credit Cards Transactions 2020-2025 Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025 Table 74 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

KEY DATA FINDINGS

2020 IMPACT

Charge cards a useful tool for consumers looking to monitor spending habits closely

Travel perks most appealing to consumers

Charge cards remains a relatively stable category

RECOVERY AND OPPORTUNITIES

Economic recovery a double-edged sword for charge cards

Limited potential consumer target market for charge cards

CATEGORY DATA

Table 75 Charge Cards: Number of Cards in Circulation 2015-2020 Table 76 Charge Cards Transactions 2015-2020 Table 77 Charge Cards in Circulation: % Growth 2015-2020 Table 78 Charge Cards Transactions: % Growth 2015-2020 Table 79 Commercial Charge Cards: Number of Cards in Circulation 2015-2020 Table 80 Commercial Charge Cards Transactions 2015-2020 Table 81 Commercial Charge Cards in Circulation: % Growth 2015-2020 Table 82 Commercial Charge Cards Transactions: % Growth 2015-2020 Table 83 Personal Charge Cards: Number of Cards in Circulation 2015-2020 Table 84 Personal Charge Cards Transactions 2015-2020 Table 85 Personal Charge Cards in Circulation: % Growth 2015-2020 Table 86 Personal Charge Cards Transactions: % Growth 2015-2020 Table 87 Charge Cards: Number of Cards by Issuer 2015-2019 Table 88 Charge Cards: Number of Cards by Operator 2015-2019 Table 89 Charge Cards Payment Transaction Value by Issuer 2015-2019 Table 90 Charge Cards Payment Transaction Value by Operator 2015-2019 Table 91 Commercial Charge Cards: Number of Cards by Issuer 2015-2019 Table 92 Commercial Charge Cards: Number of Cards by Operator 2015-2019 Table 93 Commercial Charge Cards Payment Transaction Value by Issuer 2015-2019 Table 94 Commercial Charge Cards Payment Transaction Value by Operator 2015-2019 Table 95 Personal Charge Cards: Number of Cards by Issuer 2015-2019 Table 96 Personal Charge Cards: Number of Cards by Operator 2015-2019 Table 97 Personal Charge Cards Transaction Value by Issuer 2015-2019 Table 98 Personal Charge Cards Transaction Value by Operator 2015-2019 Table 99 Forecast Charge Cards: Number of Cards in Circulation 2020-2025 Table 100 Forecast Charge Cards Transactions 2020-2025 Table 101 Forecast Charge Cards in Circulation: % Growth 2020-2025 Table 102 Forecast Charge Cards Transactions: % Growth 2020-2025 Table 103 Forecast Commercial Charge Cards: Number of Cards in Circulation 2020-2025 Table 104 Forecast Commercial Charge Cards Transactions 2020-2025 Table 105 Forecast Commercial Charge Cards in Circulation: % Growth 2020-2025 Table 106 Forecast Commercial Charge Cards Transactions: % Growth 2020-2025 Table 107 Forecast Personal Charge Cards: Number of Cards in Circulation 2020-2025 Table 108 Forecast Personal Charge Cards Transactions 2020-2025 Table 109 Forecast Personal Charge Cards in Circulation: % Growth 2020-2025 Table 110 Forecast Personal Charge Cards Transactions: % Growth 2020-2025

KEY DATA FINDINGS

2020 IMPACT

Falling public transport and motor vehicle usage due to COVID-19 hits open-loop pre-paid cards

Closure of non-essential stores in the "Circuit Breaker" period affects closed-loop pre-paid cards

RECOVERY AND OPPORTUNITIES

Return to public transport usage to drive the recovery in open-loop pre-paid cards

New GrabPay Mastercard likely to be a hit among Singapore users

The future is mobile for pre-paid card issuers and operators

CATEGORY DATA

Table 111 Pre-paid Cards: Number of Cards in Circulation 2015-2020 Table 112 Pre-paid Cards Transactions 2015-2020 Table 113 Pre-paid Cards in Circulation: % Growth 2015-2020 Table 114 Pre-paid Cards Transactions: % Growth 2015-2020 Table 115 Closed Loop Pre-paid Cards Transactions 2015-2020 Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2015-2020 Table 117 Open Loop Pre-paid Cards Transactions 2015-2020 Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2015-2020 Table 119 Pre-paid Cards: Number of Cards by Issuer 2015-2019 Table 120 Pre-paid Cards: Number of Cards by Operator 2015-2019 Table 121 Pre-paid Cards Transaction Value by Issuer 2015-2019 Table 122 Pre-paid Cards Transaction Value by Operator 2015-2019 Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019 Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2015-2019 Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2015-2019 Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2015-2019 Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019 Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019 Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019 Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019 Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025 Table 132 Forecast Pre-paid Cards Transactions 2020-2025 Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025 Table 134 Forecast Pre-paid Cards Transactions: % Growth 2020-2025 Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2020-2025 Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025 Table 137 Forecast Open Loop Pre-paid Cards Transactions 2020-2025 Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

PROSPECTS