Card payment transactions in Singapore are expected to grow significantly in current value and volume terms in 2024. Singapore’s transition toward a cashless society has continued to accelerate in 2024, underpinned by economic growth and strong consumer spending. Despite global uncertainties, Singapore’s economy grew by 4.1% year-on-year in the third quarter of 2024, extending the average growth in the first half of 3.0%.
The 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, Mobile Payments, Transactions.
Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.
The 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, Mobile Payments, 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
EXECUTIVE SUMMARY
- 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?
MARKET INDICATORS
- Table 1 Number of POS Terminals: Units 2019-2024
- Table 2 Number of ATMs: Units 2019-2024
- Table 3 Value Lost to Fraud 2019-2024
- Table 4 Card Expenditure by Location 2024
- Table 5 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
- Table 6 Domestic versus Foreign Spend 2024
MARKET DATA
- Table 7 Financial Cards by Category: Number of Cards in Circulation 2019-2024
- Table 8 Financial Cards by Category: Number of Accounts 2019-2024
- Table 9 Financial Cards Transactions by Category: Value 2019-2024
- Table 10 Financial Cards by Category: Number of Transactions 2019-2024
- Table 11 Consumer Payments by Category: Value 2019-2024
- Table 12 Consumer Payments by Category: Number of Transactions 2019-2024
- Table 13 M-Commerce by Category: Value 2019-2024
- Table 14 M-Commerce by Category: % Value Growth 2019-2024
- Table 15 Financial Cards: Number of Cards by Issuer 2019-2023
- Table 16 Financial Cards: Number of Cards by Operator 2019-2023
- Table 17 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
- Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
- Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
- Table 20 Forecast Financial Cards by Category: Number of Accounts 2024-2029
- Table 21 Forecast Financial Cards Transactions by Category: Value 2024-2029
- Table 22 Forecast Financial Cards by Category: Number of Transactions 2024-2029
- Table 23 Forecast Consumer Payments by Category: Value 2024-2029
- Table 24 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
- Table 25 Forecast M-Commerce by Category: Value 2024-2029
- Table 26 Forecast M-Commerce by Category: % Value Growth 2024-2029
SOURCES
- Summary 1 Research Sources
2024 DEVELOPMENTS
- 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
PROSPECTS AND OPPORTUNITIES
- 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
CATEGORY DATA
- Table 27 Debit Cards: Number of Cards in Circulation 2019-2024
- Table 28 Debit Cards Transactions 2019-2024
- Table 29 Debit Cards in Circulation: % Growth 2019-2024
- Table 30 Debit Cards Transactions: % Growth 2019-2024
- Table 31 Debit Cards: Number of Cards by Issuer 2019-2023
- Table 32 Debit Cards: Number of Cards by Operator 2019-2023
- Table 33 Debit Cards Payment Transaction Value by Issuer 2019-2023
- Table 34 Debit Cards Payment Transaction Value by Operator 2019-2023
- Table 35 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
- Table 36 Forecast Debit Cards Transactions 2024-2029
- Table 37 Forecast Debit Cards in Circulation: % Growth 2024-2029
- Table 38 Forecast Debit Cards Transactions: % Growth 2024-2029
2024 DEVELOPMENTS
- 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
PROSPECTS AND OPPORTUNITIES
- 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
CATEGORY DATA
- Table 39 Credit Cards: Number of Cards in Circulation 2019-2024
- Table 40 Credit Cards Transactions 2019-2024
- Table 41 Credit Cards in Circulation: % Growth 2019-2024
- Table 42 Credit Cards Transactions: % Growth 2019-2024
- Table 43 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
- Table 44 Commercial Credit Cards Transactions 2019-2024
- Table 45 Commercial Credit Cards in Circulation: % Growth 2019-2024
- Table 46 Commercial Credit Cards Transactions: % Growth 2019-2024
- Table 47 Personal Credit Cards: Number of Cards in Circulation 2019-2024
- Table 48 Personal Credit Cards Transactions 2019-2024
- Table 49 Personal Credit Cards in Circulation: % Growth 2019-2024
- Table 50 Personal Credit Cards Transactions: % Growth 2019-2024
- Table 51 Credit Cards: Number of Cards by Issuer 2019-2023
- Table 52 Credit Cards: Number of Cards by Operator 2019-2023
- Table 53 Credit Cards Payment Transaction Value by Issuer 2019-2023
- Table 54 Credit Cards Payment Transaction Value by Operator 2019-2023
- Table 55 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
- Table 56 Commercial Credit Cards: Number of Cards by Operator 2019-2023
- Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
- Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
- Table 59 Personal Credit Cards: Number of Cards by Issuer 2019-2023
- Table 60 Personal Credit Cards: Number of Cards by Operator 2019-2023
- Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
- Table 62 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
- Table 63 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
- Table 64 Forecast Credit Cards Transactions 2024-2029
- Table 65 Forecast Credit Cards in Circulation: % Growth 2024-2029
- Table 66 Forecast Credit Cards Transactions: % Growth 2024-2029
- Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
- Table 68 Forecast Commercial Credit Cards Transactions 2024-2029
- Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
- Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
- Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
- Table 72 Forecast Personal Credit Cards Transactions 2024-2029
- Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
- Table 74 Forecast Personal Credit Cards Transactions: % Growth 2024-2029
2024 DEVELOPMENTS
- 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
PROSPECTS AND OPPORTUNITIES
- 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
CATEGORY DATA
- Table 75 Charge Cards: Number of Cards in Circulation 2019-2024
- Table 76 Charge Cards Transactions 2019-2024
- Table 77 Charge Cards in Circulation: % Growth 2019-2024
- Table 78 Charge Cards Transactions: % Growth 2019-2024
- Table 79 Commercial Charge Cards: Number of Cards in Circulation 2019-2024
- Table 80 Commercial Charge Cards Transactions 2019-2024
- Table 81 Commercial Charge Cards in Circulation: % Growth 2019-2024
- Table 82 Commercial Charge Cards Transactions: % Growth 2019-2024
- Table 83 Personal Charge Cards: Number of Cards in Circulation 2019-2024
- Table 84 Personal Charge Cards Transactions 2019-2024
- Table 85 Personal Charge Cards in Circulation: % Growth 2019-2024
- Table 86 Personal Charge Cards Transactions: % Growth 2019-2024
- Table 87 Charge Cards: Number of Cards by Issuer 2019-2023
- Table 88 Charge Cards: Number of Cards by Operator 2019-2023
- Table 89 Charge Cards Payment Transaction Value by Issuer 2019-2023
- Table 90 Charge Cards Payment Transaction Value by Operator 2019-2023
- Table 91 Commercial Charge Cards: Number of Cards by Issuer 2019-2023
- Table 92 Commercial Charge Cards: Number of Cards by Operator 2019-2023
- Table 93 Commercial Charge Cards Payment Transaction Value by Issuer 2019-2023
- Table 94 Commercial Charge Cards Payment Transaction Value by Operator 2019-2023
- Table 95 Personal Charge Cards: Number of Cards by Issuer 2019-2023
- Table 96 Personal Charge Cards: Number of Cards by Operator 2019-2023
- Table 97 Personal Charge Cards Transaction Value by Issuer 2019-2023
- Table 98 Personal Charge Cards Transaction Value by Operator 2019-2023
- Table 99 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
- Table 100 Forecast Charge Cards Transactions 2024-2029
- Table 101 Forecast Charge Cards in Circulation: % Growth 2024-2029
- Table 102 Forecast Charge Cards Transactions: % Growth 2024-2029
- Table 103 Forecast Commercial Charge Cards: Number of Cards in Circulation 2024-2029
- Table 104 Forecast Commercial Charge Cards Transactions 2024-2029
- Table 105 Forecast Commercial Charge Cards in Circulation: % Growth 2024-2029
- Table 106 Forecast Commercial Charge Cards Transactions: % Growth 2024-2029
- Table 107 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
- Table 108 Forecast Personal Charge Cards Transactions 2024-2029
- Table 109 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
- Table 110 Forecast Personal Charge Cards Transactions: % Growth 2024-2029
2024 DEVELOPMENTS
- 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
PROSPECTS AND OPPORTUNITIES
- 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
CATEGORY DATA
- Table 111 Pre-paid Cards: Number of Cards in Circulation 2019-2024
- Table 112 Pre-paid Cards Transactions 2019-2024
- Table 113 Pre-paid Cards in Circulation: % Growth 2019-2024
- Table 114 Pre-paid Cards Transactions: % Growth 2019-2024
- Table 115 Closed Loop Pre-paid Cards Transactions 2019-2024
- Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
- Table 117 Open Loop Pre-paid Cards Transactions 2019-2024
- Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
- Table 119 Pre-paid Cards: Number of Cards by Issuer 2019-2023
- Table 120 Pre-paid Cards: Number of Cards by Operator 2019-2023
- Table 121 Pre-paid Cards Transaction Value by Issuer 2019-2023
- Table 122 Pre-paid Cards Transaction Value by Operator 2019-2023
- Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
- Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
- Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
- Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
- Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
- Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
- Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
- Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
- Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
- Table 132 Forecast Pre-paid Cards Transactions 2024-2029
- Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
- Table 134 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
- Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
- Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
- Table 137 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
- Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029
