Singapore’s payment cards 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. In terms of transaction value and volume, Singapore’s payment cards accounted for a share of 0.6% and 1% respectively in Asia-Pacific region.

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During the review period, Singapore’s payments cards market changed rapidly and banks and card issuing companies are adapting to these changes, with the center of innovation shifting from products towards channels and services. Although banks continue to develop new products, this happens merely in the form of fine-tuning segmentation and customizing products accordingly.

From new branch models catering the specific needs of the target segment, over sophisticated mobile applications allowing customers to manage their entire banking relationship with a click or swipe of the phone to new means of payment through contactless technology – banks in Singapore are introducing bespoke product and service offerings to capture a larger share of the payment cards.

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Singapore’s payment cards market is highly competitive and over served, with a credit and debit card penetration rates of 1.7 per inhabitant and 2.0 respectively. With a comprehensive payment cards product line-up, product development for new payment cards products was very limited.  Product differentiation is, therefore, a major challenge and success factor.

However, most banks offer broadly similar value propositions, as product development circles have become very fast. In order to attract new customers and incentivize customers to spend with their own bank’s cards, banks are increasingly using micro segmentation to cater to the specific needs of their target audience, with strategies such as personalized designs and segment-specific promotions and benefits.

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Integrated cards have been launched by several banks, offering not only credit or debit functions, but also value-added services such as prepayment functions for transport and micro payments, as well as contactless payments based on Visa pay Wave, MasterCard Pay Pass or NETS Flash Pay.

The Intelligent Nation 2015 masterplan, drawn up by the government of Singapore, is expected to provide support to the growth of the cards and payments industry over the period (2015–2019). The masterplan aims to achieve a 90% home broadband penetration rate alongside a computer in the house of every family with school-going children.

Competition among domestic banks is expected to intensify over the forecast period due to a new law issued by the Monetary Authority of Singapore (MAS) on June 28, 2012, requiring banks to locally incorporate their retail business. The new law permits locally incorporated banks to have 25 places of operation and is expected to result in an increase in the number of foreign banks operating in the country. Foreign banks are also expected to align their pricing and marketing strategies with that of domestic banks which will result in intense competition and an increase in marketing and promotional strategies to attract consumers.

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