Singapore Cards And Payments Market Value, Trends, Analysis And Forecasts | Leading key Players are DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation Limited, Citibank Singapore, Standard Chartered Bank

Singapore Cards and Payments Market is one of the highly competitive and attractive among the Asia-Pacific countries. The payment cards market is gradually inching towards maturity with a high penetration rate of debit and credit cards. The use of payment cards has grown at a faster rate during the review period with Visa being the principal card issued in Singapore.

Singapore Cards and Payments Market is dominated by the three local banks DBS, OCBC, and UOB. It is highly competitive and therefore characterized by narrow margins, high operational cost, and high market saturation. This environment forces banks to be innovative to explore new revenue streams and stay relevant to Singapore’s fast-moving customers. Singapore’s payment cards market is an excellent example of how banks can succeed and prosper in a difficult operating environment. The centre of innovation in Singapore’s payment cards market has shifted from products towards services. Although banks continue to develop new products, this happens merely in the form of fine-tuning segmentation and customizing products accordingly.

Check out For Sample Report Here @ https://marketdataforecast.com/market-reports/Singapore-Cards-and-Payments-Market-6849/request-sample

Singapore is a nation of savers and as a result, the debit cards remained the most preferred payment card during the review period. People are increasingly using debit cards for the high-value transaction. The growth was supported by increase inclination of people for more income-based consumption over credit-fueled consumption. Furthermore, the increased usage had been supported by an increase in contactless payment acceptance.

The credit cards market registered growth in terms of number of cards in circulation, transaction value and volume, during the review period, as a result of banks strategy of introducing cards catering to various requirements of people. Furthermore, increased acceptance of payment cards at small retail outlets coupled by the rise in contactless payments further contributed to the growth of payment cards, a trend which is anticipated to continue over the forecast period.

Overall, the transaction value of debit, credit and charge cards recorded a growth during the review period and the same trend is expected over the forecast period as well. Increase in e-commerce, improved banking infrastructure, high consumer awareness about the benefits of payments cards and increasing acceptance of contactless payment at retail outlets and transportation supported the growth in the transaction value of payment cards.

Access full Report Description @ https://marketdataforecast.com/market-reports/Singapore-Cards-and-Payments-Market-6849/

Some of the Dominating Players in the Singapore Cards and Payments Market:

1. DBS Bank
2. United Overseas Bank
3. Oversea-Chinese Banking Corporation Limited
4. Citibank Singapore
5. Standard Chartered Bank

Table of Content:

Table of Content:

1. Definitions
2. Research Methodology
3. Executive Summary
4. Industry Benchmarking
5. Market Attractiveness
6. Industry Enablers
7. Regulatory Framework
8. Key Industry Events
9. Merchant Acquiring Business Overview
10. Market Segmentation
11. Market Sizing

Buy Now @ https://marketdataforecast.com/cart/buy-now/Singapore-Cards-and-Payments-Market-6849/

About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Email: abhishek@marketdataforecast.com
Tel: +1-888-702-9626
Website: www.marketdataforecast.com

This release was published on openPR.