2.7% CAGR for Singapore credit card market
The P&S Market Research report titled ‘Singapore: Cards and Payments Market Forecast to 2020’ expects the Singapore credit card market to grow at a CAGR of 2.7% in the analysis period of 2015-2020. Though charge card segment represents a small portion of the Singaporean pay later card market, it is expected to gain momentum due to expected growth in the volume of HNIS during the same period. Singapore has the 2nd highest credit card penetration (3.8 cards per person in 2014, with number of cards in circulation reaching 21.3 million while the total population of the country is 5.6 million) in the Asia-pacific region. The Singapore payment card market grew at 3.3% CAGR in terms of number of cards in circulation during 2012-2014. The credit card market in Singapore is concentrated in terms of transaction value with the 6 leading issuers accounting for a market share of 85% in 2014.