A total of 849.9 million transactions were made using payment cards in 2010, represents a CAGR of 11.4% from 2006. Credit card transactions accounted for 69.6% of the total, which in absolute terms equated to 591.8 million transactions. Datamonitor forecasts the number of payment cards to increase at a CAGR of 5.0% between 2010 and 2015. One of the challenges faced by Singaporean card issuers are high credit card ownership, those owning more than one card, which has an adverse impact on the level of primary card only users. Among credit card customers in Singapore, only 15% are primary card only users, the lowest among the 21 countries monitored.

1. Research Report on Payment Cards in
Singapore
Singapore, one of the most advanced payment card markets in Asia, is now facing a new challenge
in taking the next steps toward payment evolution. There has been substantial consumer demand
for innovative forms of payment cards and there are now bright consumer prospects for new
payment tools such as mobile payments.
Features and benefits
 Market sizing, forecasting and competitor shares are an invaluable guide for any cards player
building a business case for activity in Singapore.
 In-depth insight into contactless, mobile, prepaid and online payments highlights future
opportunities for all industry stakeholders.
 Detailed analysis of consumer segmentation and key drivers allows issuers to target consumers
with inside knowledge of their true behavior and needs.
Highlights
A total of 849.9 million transactions were made using payment cards in 2010, represents a CAGR of
11.4% from 2006. Credit card transactions accounted for 69.6% of the total, which in absolute
terms equated to 591.8 million transactions. Datamonitor forecasts the number of payment cards to
increase at a CAGR of 5.0% between 2010 and 2015.
One of the challenges faced by Singaporean card issuers are high credit card ownership, those
owning more than one card, which has an adverse impact on the level of primary card only users.
Among credit card customers in Singapore, only 15% are primary card only users, the lowest
among the 21 countries monitored.
Two out of three Singaporean consumers are interested in using their mobile phone as a payment
tool, which shows a clear message to the industry that there is a substantial level of demand among
consumers. Indeed, 23% indicated they are very interested in paying in shops with their mobile
phone, while 47% indicated they are quite interested.
Your key questions answered
 Which card segments are showing the fastest growth in the Singapore payments market and why?
 Who are the key players in Singaporean card payments and what is their market share?
 How extensive are mobile, online, prepaid and contactless payments and where does future growth
lie?

2. Buy Your Copy of Report: http://www.reportsnreports.com/reports/175761-
payment-cards-in-singapore.html
Published: July 2012
No. of Pages: 114
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Table of Contents
OVERVIEW
Catalyst
Summary
EXECUTIVE SUMMARY
Sizing and forecasting the payment card market in Singapore
Competitor and product developments in Singapore
Singaporean credit card consumers
High credit card penetration but low revolve rates represent a challenge for issuers
Consumer-issuer interactions are at risk due to low primacy levels
Online, contactless, prepaid, and mobile payments
Online payments were an estimated $860m market in 2011
Prepaid card: banks need to step in to target niche consumer needs on prepaid cards
Contactless payments represent a $3.1bn opportunity in Singapore alone
Industry collaboration sets to answer strong consumer demand for mobile payments
SIZING AND FORECASTING THE PAYMENT CARD MARKET IN SINGAPORE
Overview
Key macroeconomic and consumer data
Macroeconomic trends and performance
Demographic and consumer trends
Sizing the payment card market in Singapore
Size and performance of the payment card market
Number of payment card transactions

3. Value of payment card transactions
Credit card balances outstanding, revolve rates, and repayment behavior
Forecasting the payment card market in Singapore
Forecasting the pay now card market
Forecasting the revolving credit card market
Forecasting the charge card market
COMPETITOR AND PRODUCT DEVELOPMENTS IN SINGAPORE
Overview
Key competitors
DBS Bank
OCBC Bank
UOB
Card issuer market shares and performance
Credit card market shares
Credit card branding and usage
Frequency of use by brand
Credit card product features
Leading revolving credit products and price points
Consumer satisfaction by credit card brand
Pay now card market shares
Charge/deferred debit card market shares
Card scheme market shares and developments
Pay now card scheme shares
Revolving credit card scheme shares
Charge card scheme shares
SINGAPOREAN CREDIT CARD CONSUMERS
Datamonitor has defined two Singaporean credit card consumer profiles
Transactors: consumers who primarily pay their balances in full
Revolvers: consumers who frequently borrow on their cards
High credit card penetration but low revolve rates represent a challenge for issuers
Credit cards have become the second most owned financial product in Singapore
Credit cards are highly popular across all working age groups
Transactors dominate Singaporean credit card consumers
The emergence of the online channel for researching and applying for new cards is changing the
market
Online has become the dominant source of information for new credit card customers
Online has emerged as the main channel for credit card application
Consumer-issuer interactions are at risk due to low primacy levels
Globally, Singapore ranks last in term of credit card primacy level
Young and multi-card users are the segment most likely to switch

4. ONLINE, CONTACTLESS, PREPAID, AND MOBILE PAYMENTS
Overview
Online payments were an estimated $860m market in 2011
Singapore's online payments market is relatively small on a per capita basis, representing extra
room for growth
Credit cards account for the majority of online transactions in Singapore, in line with global trends
Prepaid cards: banks need to step in to target niche consumer needs on prepaid cards
Non-banks card issuers dominate the offering of prepaid cards in Singapore
Banks should explore opportunities related to three niche consumer needs
Contactless payments represent a $3.1bn opportunity in Singapore alone
High usage of EZ-Link and NETS cards drives further demand for open loop contactless cards
Singapore is the seventh largest market in terms of potential opportunity per person for contactless
payments in Asia Pacific
Convenience stores offer the biggest opportunity for contactless payments
Industry collaboration set to answer strong consumer demand for mobile payments
NFC payments are expected to arrive in Singapore in 2012
The concept of mobile as a payment tool is well-received by Singaporean consumers
Singapore has one of the highest proportions of early adopters in mobile payments, if the
technology is available today
APPENDIX
Supplementary data
Definitions
(Untitled sub-section)
Methodology
Datamonitor NFC Adoption Model
Cards and payments database
Datamonitor's FSCI Survey has been expanded, providing improved, new, and valuable insight
Forecasting methodology
Further reading
Ask the analyst
Disclaimer
List of Tables
Table: Singapore: macroeconomic indicators
Table: Singapore: demographic and consumer trends
Table: Pay now cards, 2010–15f
Table: Credit cards, 2010–15f
Table: Charge and deferred debit cards, 2010–15f
Table: Fees and APRs applicable to revolving credit cards in Singapore
Table: Customer service satisfaction by card issuers
Table: Credit card product satisfaction by card issuers

5. Table: Responses to the question "before you took out your last credit card did you take any of the
following actions?
Table: Responses to the question "how did you apply for your card/s?"
Table: Consumers' likelihood of looking for a new credit card in the next six months, by segment
Table: Prepaid cards: responses to the question "what did you get this card/s for, or what do you
use it for most often?"
Table: Contactless opportunity market size in Singapore, by transaction value band
List of Figures
Figure: Singapore's GDP in 2010 was $161.8bn
Figure: Singapore's economy has recovered strongly following recession in 2009
Figure: The use of cards in paying for goods and services is increasing in Singapore
Figure: Singapore has the lowest unemployment rate in the Asia Pacific region
Figure: Inflation in Singapore reached a peak in 2007 at 6.9%
Figure: Singapore has the fourth highest payment card penetration rate in the Asia Pacific region
Figure: Singapore experienced the fourth lowest growth in pay now card penetration between 2006
and 2010
Figure: Singapore had the fourth highest growth in penetration in the Asia Pacific region between
2006 and 2010
Figure: The number of credit cards in Singapore increased continuously between 2006 and 2010
Figure: The number of payment card transactions in Singapore increased rapidly between 2006 and
2010
Figure: The use of POS steadily increased between 2006 and 2010
Figure: Consumers in Singapore are more likely to use pay now cards to purchase food and drink
Figure: Charge/deferred debit cards are the most frequently used card types in Singapore
Figure: The frequency of use of cards at POS grew by 5.1% between 2006 and 2010
Figure: The value of credit card transactions in Singapore increased rapidly between 2006 and
2010
Figure: In 2010, POS accounted for 77.4% of the total value of transactions
Figure: Flights and hotels were the highest value items paid for using both pay now and pay later
cards
Figure: Transactions using pay now cards are of the highest value on average
Figure: The value of POS transactions are on average higher than the value of withdrawals from
ATMs
Figure: Consumers in Singapore use their pay now cards less frequently than the Asia Pacific
average
Figure: Singapore's total turnover per pay now card was $1,831.50 in 2010
Figure: Singapore has the lowest average pay later transaction value at the POS in the Asia Pacific
region
Figure: Total turnover per pay later card in Singapore was $3,018.90 in 2010
Figure: Payment for flights and hotels is the most popular use for pay later cards
Figure: 39.2% of credit cards in Singapore are considered primary cards

6. Figure: 23.6% of credit cards in Singapore are used all the time
Figure: Singapore's total balance outstanding is $4,193m
Figure: 76.5% of consumers in Singapore pay their credit cards off in full each month
Figure: The population per terminal in Singapore has been gradually decreasing
Figure: The number of POS terminals increased between 2006 and 2010
Figure: The number of pay now cards is expected to increase at a CAGR of 3.6% between 2010 and
2015
Figure: The number of credit card transactions is forecast to increase at a CAGR of 8.5% between
2010 and 2015
Figure: The number of charge/deferred debit card transactions is expected to grow at a CAGR of
3.8% between 2010 and 2015
Figure: Citibank was the largest credit card provider in Singapore as of 2010
Figure: DBS had the highest number and value of credit card transactions in Singapore in 2010
Figure: RHB had the highest average balance per card at $895.70 in 2010
Figure: Platinum credit cards are the most popular form of branding in Singapore for the majority
of issuers
Figure: Citibank has the highest primacy level among its customers
Figure: Customers of Citibank use their credit cards with the highest frequency
Figure: Reward and loyalty points are the most popular benefits among the majority of providers
Figure: 50.0% of HSBC's customers were very satisfied with their bank's customer service
Figure: HSBC had the highest proportion of customers who were very satisfied with their credit
card product at 47.9%
Figure: 63.9% of Maybank credit card holders would recommend their credit card to others
Figure: In 2010 DBS led the pay now market in terms of number of cards in issue
Figure: DBS had the largest number and value of pay now transactions in Singapore in 2010
Figure: DBS issued 15.9% of all charge/deferred debit cards in Singapore in 2010
Figure: UOB had the largest number and value of charge/deferred debit card transactions in 2010
Figure: MasterCard had the largest number of pay now cards in issue in 2010
Figure: In 2010, MasterCard had the largest value of pay now transactions
Figure: Visa dominated the credit card market between 2006 and 2010
Figure: MasterCard experienced the highest levels of growth in value of credit card transactions
between 2006 and 2010
Figure: MasterCard was the largest charge/deferred debit card scheme in Singapore as of 2010
Figure: Visa experienced the fastest growth in the value of charge/deferred debit card transactions
between 2006 and 2010
Figure: Credit cards have become the second most owned financial product in Singapore
Figure: Credit cards are popular across all working age groups
Figure: Transactors dominate Singaporean credit card consumers
Figure: Face-to-face channels still provide the main source of information for new credit card
customers
Figure: One in three credit card consumers obtained their product information from multiple
channels

7. Figure: Online has emerged as an important credit card application channel for consumers
Figure: Singapore ranked last in terms of credit card primacy level
Figure: Multi-card users show the highest likelihood to switch to a new credit card
Figure: The value of online payments per adult in Singapore is the seventh smallest
Figure: Flight and hotel purchases account for the largest share of transaction values online
Figure: Credit cards are the most popular method of transaction in Singapore
Figure: Relative to other countries, the use of credit cards for online payments is considerably high
Figure: The most common reason for consumers choosing not to shop online is the fear of fraud
Figure: Consumers use their prepaid cards for regular spending and online shopping
Figure: Singapore consumers show a strong interest in contactless payments
Figure: Contactless payments represent a $3.1bn opportunity in Singapore
Figure: Convenience stores offer the biggest opportunity for contactless payments in Singapore
Figure: The IDA has committed to the deployment of an interoperable NFC mobile payment system
through a TTP infrastructure
Figure: Singaporean consumers are familiar with using their mobile to access digital content
Figure: Two out of three Singaporean consumers are interested in using their mobile as a payment
tool
Figure: 3.9% of Singaporeans are high likely to adopt NFC payments
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