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(MoneyNewsWire.Net, March 26, 2018 ) Singapore payment cards are majorly categorized into debit cards, credit cards and prepaid cards. As of now, debit cards lead the market with close to 86% of the transaction values. The market is close to its saturation with hefty competition and banks like DBS, OCBC and UOB leading from the front. The rapid changes in customer preferences are pushing the banks and card issuers to concentrate more on innovative services than products.
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The growth of online and retail stores along with the increasing use of contactless cards is driving the payment cards market to a large extent. Consumers are also opting debit cards payment compared to pay later cards because of their increasing interest in income-based spends. However, the credit cards are experiencing a positive growth with the introduction of several customer specific cards and various benefits associated with their Singaporege.
Distinct market strategies by banks and card issuers like reward points, discounts to all sorts of cards and cash backs along with the increased e-commerce purchases have resulted in a growth trajectory for debit, credit and prepaid cards in the market. Additionally, the expanding acceptance of contactless payments at several merchant outlets also promoted the growth of payment cards market in Singapore.
Personal cards contribute almost 95% share of the total transactions in 2015. The iN2015 Next Generation e-Payment Program by the government encouraging the free installment of contactless POS terminals at merchant outlets is achieving wide popularity among buyers to use payment cards for small to medium transactions instead of cash. Special tailor-made cards for the different sections of the society like the high-income, students, working population, youth, elderly and others are also expected to boost the market expansion in Singapore.
Many leading banks are concentrating more on the small and medium enterprises by offering different credit cards related to their business expenses. Some of those cards include Citibank Corporate card, Business Debit Card by OCBC, and UOB Corporate card. Additional reward points and discounts are also offered to these cardholders. Apart from these, Business Platinum Credit card by Standard Chartered Bank, UOB Platinum business card and Citibank Business Card offer services to the large corporate sections.
Therefore, the increased small merchants accepting payment cards and several custom-made card options by leading banking organizations are anticipated to propel the payment cards market of Singapore in the following years.
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