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This report provides a comprehensive overview of Singapore's cards, payments and merchant acquirer market with clear-sighted commentary supported by recent data.
Forward-looking regulation and a proactive central bank have kept Singapore at the forefront of international trends when it comes to payments, with the competitive landscape newly refreshed through the recent Payment Services Act and high-profile granting of new digital bank licences.
Though small, the city-state is influential and strongly interconnected with its neighbours and trading partners.
New entrants who find a sound commercial footing here should be able to rapidly replicate their offerings in the Southeast Asia region more generally.
Why Singapore is a front runner in payments' transformation.
How a consumer-centric mindset is yielding fruit.
Which revenue streams are recovering best from the 2020 dip.
How e-wallets are beginning to compete with cards online.
TABLE OF CONTENTS
Demographics and the economy
Singapore cards market
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Singapore Country Report Data Tables
(All 2015-24F unless otherwise stated)
1: Demographic and economic indicators.
2: Ownership of key consumer devices.
3: Internet usage by population.
4: Access points: 2015-22E.
5: Account penetration.
6: Consumer payment trends: 2015-22F.
7: B2C e-commerce payment methods: 2015-22F.
8: Total card payment metrics.
9: Contactless cards metrics.
10: Credit card numbers.
11: Total credit cards metrics.
12: Credit card profitability indicators.
13: Debit card numbers.
14: Debit card metrics.
15: Prepaid/e-money card metrics.
16: Mobile proximity payment metrics: 2017-24F.
17: Mobile P2P payments.
18: Profit pool: credit card numbers, billed volumes, outstandings, interest incomes, net interest revenues, merchant revenues, card fee revenues, other non-interest incomes, total revenues, net credit losses, operating expenses, total expenses, pre-tax profits, merchant service charges, rollover rates, APR, net credit losses to outstandings, operating costs to revenues, ROA (pre-tax profits to outstandings).
(All 2015-22F below unless otherwise stated)
19: Networks' credit card market shares.
20: Networks' credit card data numbers.
21: Networks' credit card billed volume.
22: Networks' number of credit card transactions.
23: Networks' average credit card transaction value.
24: Credit card interchange fees by network.
25: Networks' debit card market shares.
26: Networks' debit card data numbers.
27: Networks' debit card billed volume.
28: Networks' number of debit card transactions.
29: Networks' average debit card transaction value.
30: Debit card interchange fees by network.
31: Key credit card issuers market shares by credit card numbers: 2017-22F.
32 Key issuers market shares in credit card outstandings: 2017-22F.
33: Key debit card issuers market shares by debit card numbers: 2017-22F.
34: Merchant acquirer credit card market share: 2021E.
35: Credit card merchant service charges: 2015-24F.
36: Merchant acquirer debit card market share: 2021E.
37: Debit card merchant service charges: 2015-24F.
38: Credit card issuer/issuing processor relationships: -
39: Credit card acquirer/acquiring processor relationships: -
40: Credit card issuing processor market shares by card numbers: 2021E.
41: Credit card acquiring processor market shares by the number of POS transactions: 2021E.
42: Online merchant acquirer market share: 2021E.
Demographics and Economy
The Republic of Singapore is located off the Malayan Peninsula between Malaysia and Indonesia. The small city-state's population is estimated at 5.8 million as of the end of 2021: the European microstate of Monaco aside, it is the most densely populated country in the world.
As part of continuous efforts to introduce new digital payment options, the central banks of Singapore and India announced in September 2021 the intention to link PayNow and India's real-time payment system UPI (Unified Payments Interface) by July 2022.
Payment cards are very popular here, with around 94% of adults holding a debit card and 75% a credit card. However, over the research period, the combined number of debit and credit cards in issue decreased by three percent.
In Singapore, mobile payments have been gaining acceptance thanks to the deep penetration of internet/smartphones along with wide broadband coverage. Supermarkets, fast food restaurants and public transportation are among the key drivers of mobile payments growth.
Singapore's credit cards market maintains healthy profitability, despite a 29% decrease in pre-tax profit in 2020. The pandemic-triggered combination of lower card billings and outstandings were the main drivers for this decrease.
Visa and Mastercard have established themselves as the leading payment card brands in Singapore with a combined 70% market share of cards in issue by end of 2020. All debit cards here operate on the NETS domestic debit scheme.
Key Retail Banks and Issuers
There are five key issuers in Singapore's credit cards market: DBS, OCBC, Citibank, UOB, and HSBC. This quintet will account for an estimated 77% of credit cards in issue in the country by the end of 2021.
Acquiring and Processing
The number of merchants accepting credit cards in Singapore stood at some 146,000 at the end of 2021. Most banks in Singapore undertake processing in-house, although DBS opted to outsource its merchant processing services to FDMS ... to secure a strong foothold in the region.
The total value of online card transactions acquired in Singapore reached an estimated $41.9 billion in 2021, with the number of transactions standing at 808 million.
Regulatory and Markets Information
The Monetary Authority of Singapore (MAS) is both central bank and financial services regulator, supervising all financial institutions. MAS also works with the financial industry to develop Singapore as a dynamic international financial centre.
Association of Banks in Singapore
Bank for International Settlements
Bank of China
Banking Computer Services
BCS Information Systems
Beijing Co-operative Equity Investment Fund Management
Contactless e-Purse Application
Credit Bureau Singapore
Development Bank of Singapore
Fast And Secure Transfers
Financial Conduct Authority
General Interbank Recurring Order platform
Global Financial Innovation Network
Global Trading Pay
Greenland Financial Holdings
Housing and Development Board
Industrial and Commercial Bank of China
Infocomm Media Development Authority
International Telecommunication Union
Islamic Bank of Asia
Land Transport Authority
Linklogis Hong Kong
Monetary Authority of Singapore
National Environment Agency
NETS Motoring Card
OCBC Pay Anyone
Oversea-Chinese Banking Corporation
Post Office Savings Bank
Retailer Stored Value Programme
SG Digital Office
Singapore Financial Data Exchange
Singapore FinTech Association
Singapore Payment Council
Singapore Quick Response Code
Sumitomo Mitsui Financial Group
Touch 'n Go
Unified Payments Interface
United Overseas Bank
Reports deliver detailed market and competitor intelligence on payments cards, e-money, acquirers, retail banking, and consumer credit in the Asia Pacific region. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.
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