A comprehensive overview of the cards, payments and merchant acquirer market in Singapore.
Although growth prospects are being hampered by negative global variables, payments players and regulators continue to push seamless solutions, collaboration and interoperability. The new Payment Services Act has changed the game for providers in that space, while the opening up of the highly developed payments sector for mass transit will boost transactions for global schemes.
Cash remains stubbornly popular, despite residents' love of both payment cards and smartphones, but the city-state's new unified QR standard is threatening cash in its low transaction-value strongholds. Meanwhile, a pair of retail digital bank licences are to be issued in 2020, along with three wholesale equivalents: the regulator has stipulated that the new licensees must be locally controlled.
What you will learn from this report:
- How cash is slowly but surely departing everyday life
- Why QR code innovations are set to influence the region
- How cooperation among rivals continues to be transformative
- Which regulatory changes are proving decisive – and how
- How mass transit is set to boost the global card schemes
Singapore Cards and Payments Market Trends
- Three local banks, DBS, UOB and OCBC, dominate the market, with competition provided by foreign banks such as Citibank and HSBC.
- The use of cash and cheques as a means of payment for consumer transactions has decreased in recent years, with electronic payments becoming ever more popular.
- Cash though remains prevalent at dining halls, hawker stalls and wet markets, all fixtures of everyday life in Singapore.
- A government initiative aims to reduce cash usage at such merchants by providing point-of-sale devices based on an interoperable QR code and a subsidised merchant service charge.
- Singapore has a thriving credit cards market, with attractive rewards available to the large affluent segment.
- There were an estimated 3.3 billion e-money transactions in 2019, dwarfing the 1.4 billion made using credit and debit cards.
- Since 2019 however, commuters with contactless Mastercard- and Visa- branded cards can tap and pay on public transport.
- Domestic rivals have demonstrated a capacity to cooperate, most dramatically with NETS, built by the three major local banks.
- The latest example is the Singapore Quick Response Code (SGQR), the product of a partnership involving dozens of players that agreed a common QR code and unified point-of-sale terminals.
View the Singapore Country Report Table of Contents
Demographics and the economy
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Appendix I: Demographics and the economy
- Demographic and economic indicators
- Ownership of key consumer devices
- Internet usage by population
Appendix II: Payments environment
- Access points
- Account penetration
- Consumer payment trends
- B2C e-commerce payment methods
Appendix III: Cards market
- Total cards payment metrics
- Contactless cards metrics
- Credit card numbers
- Total credit cards metrics
- Credit cards profitability indicators
- Debit cards numbers
- Debit cards metrics
- Prepaid/e-money cards metrics
Appendix IV: Mobile payments
Appendix V: Profit pool
Appendix VI: The networks
- Networks' credit card market shares
- Networks' credit card numbers
- Networks' credit card billed volume
- Networks' number of credit card transactions
- Networks' average credit card transaction value
- Credit card interchange fees by network
- Networks' debit card market shares
- Networks' debit card numbers
- Networks' debit card billed volume
- Networks' number of debit card transactions
- Networks' average debit card transaction value
- Debit card interchange fees by network
Appendix VII: Key retail banks and issuers
- Key credit card issuers market shares by credit card numbers
- Key issuers market shares in credit card outstandings
- Key debit card issuers market shares by debit card numbers
Appendix VIII: Acquiring and processing
- Merchant acquirer credit card market share
- Credit card merchant service charges
- Merchant acquirer debit card market share
- Debit card merchant service charges
- Credit card issuer/issuing processor relationships
- Credit card acquirer/acquiring processor relationships
- Credit card issuing processor market shares by card numbers
- Credit card acquiring processor market shares by number of POS transactions
Appendix IX: Online acquiring
- Online merchant acquirer market share
Entities referenced in this report