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The Cards and Payments Industry in Singapore Market: check payments, payment cards, cash transactions

07-31-2017 09:21 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketResearchReports.biz

The Cards and Payments Industry in Singapore Market: check

MarketResearchReports.Biz presents this most up-to-date research on "The Cards and Payments Industry in Singapore: Emerging Trends and Opportunities to 2020".

GlobalDatas "The Cards and Payments Industry in Singapore: Emerging Trends and Opportunities to 2020", report provides detailed analysis of market trends in the Singaporean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including direct debits, check payments, payment cards, cash transactions and credit transfers during the review period (2012-2016).

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The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

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Competition in Singapores alternative payments market increased following the launches of Apple Pay, Android Pay and Samsung Pay. Domestic banks and telecoms operators are taking advantage of the trend by launching their own solutions. Liquid Group launched the Liquid Pay mobile wallet in November 2016, and in May 2016 relaunched Dash in collaboration with Standard Charted Bank, Citibank, DBS Bank, OCBC Bank, and UOB telecom provider Singtel.

Singapores payment cards market has recorded a strong uptake in contactless technology with all major banks including DBS Bank, UOB, OCBC Bank and Citibank now offering contactless cards. To further encourage contactless payments, UOB removed the restriction on transaction limits of US$69.1 (SGD100) for contactless payments in May 2016. Similarly, DBS Bank increased its contactless payment limit from US$69.1 (SGD100) to US$138.2 (SGD200) in June 2016. While, other banks are contemplating to increase minimum transaction limit for contactless payments.

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In July 2016, Mastercard and the Land Transport Authority of Singapore (LTA) announced a pilot scheme whereby passengers can use contactless cards to make public transport payments, allowing the usage of credit and debit cards for fare payments. If the pilot is successful, the country would join handful of locations, like London and Sydney, which embraced contactless debit and credit payments on their transit systems. These initiatives are anticipated to propel contactless transactions in Singapore.

This report also provides top-level market analysis, information and insights into the Singaporean cards and payments industry, including -
- Current and forecast values for each market in the Singaporean cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including direct debit, credit transfers, cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the Singaporean cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape in the Singaporean cards and payments industry.

Scope

- This report provides a comprehensive analysis of the Singaporean cards and payments industry.
- It provides current values for the Singaporean cards and payments industry for 2016, and forecast figures to 2020.
- It details the different demographic, economic, infrastructural and business drivers affecting the Singaporean cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Singaporean cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Singaporean cards and payments industry.
- Assess the competitive dynamics in the Singaporean cards and payments industry.
- Gain insights into marketing strategies used for various card types in Singapore.
- Gain insights into key regulations governing the Singaporean cards and payments industry.

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