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Card payments channel in Singapore dominated by debit card category

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Singapore’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-20 22:57:01
In terms of the number of cards in circulation, Singapore´s card payments channel grew at a review-period (2008–2012) CAGR of 8.52% and, in terms of transaction value, at a review-period CAGR of 8.12%. Over the forecast period (2013–2017), the card payments channel is expected to record a CAGR of 5.05% in terms of the number of cards in circulation and 7.35% in terms of transaction value.

In terms of transaction value, the card payments channel is dominated by the debit card category which constituted 66.2% of overall card transactions in 2012. The category´s channel share is projected to increase to 66.3% in 2017. The value of debit card transactions grew at a review-period CAGR of 7.28% and is expected to post a forecast-period CAGR of 7.46%. The debit card category is projected to record the largest growth in terms of transaction value as customers opt for income-based consumption over credit-fuelled consumption.

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