The impact of the COVID-19 pandemic on pre-paid cards in 2020 was considerably less noticeable than the impact seen on credit cards, debit cards and charge cards. Nevertheless, declines were seen in closed loop pre-paid card transactions as consumers were using their transportation cards and parking and toll cards less often due to social distancing and home seclusion. This meant that people were spending much less time outside of the home, with much less need to take public transport and a…

The 2020 decline in transaction volume and value of pre-paid cards can be largely attributed to open-loop pre-paid cards from issuers NETS and EZ-link, which dominate the local payment landscape in this category. These cards are deeply embedded in the transportation infrastructure in Singapore, with commuters using them to pay for public transport and road toll charges. The ability to use these cards for payment at retail outlets is often only seen as a secondary benefit.

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Whilst experiencing slower growth in terms of number of transactions made and value of transactions in 2020 due to a prioritising of spending and reduced travel during the pandemic, resulting in a lower average spend per transaction, pre-paid cards was still able to record the most impressive performance across all card types in addition to experiencing a notable upturn in demand for both closed and open loop pre-paid cards over the year. The latter remained the largest category overall;…

key driver of growth within closed loop pre-paid cards over the review period was the rising number of consumers in India using these products to pay for transport. For example, both Delhi Metro Rail Corp Ltd and Bangalore Metro Rail Corp Ltd offer these products for use on their metro systems, with consumers attracted to the convenience this provides. However, due to COVID-19 and the lockdown, public transport has been hugely disrupted in 2020. With businesses closing for at least part of…

With sales dropping by 14% in 2020, herbal and traditional products have been hit hard by the closure of the borders. Mainland Chinese tourists are a large component of the key purchasing demographic for these products, and their absence has notably dented sales.

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With sales dropping by 14% in 2020, herbal and traditional products have been hit hard by the closure of the borders. Mainland Chinese tourists are a large component of the key purchasing demographic for these products, and their absence has notably dented sales.

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With sales dropping by 14% in 2020, herbal and traditional products have been hit hard by the closure of the borders. Mainland Chinese tourists are a large component of the key purchasing demographic for these products, and their absence has notably dented sales.

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The COVID-19 pandemic and measures imposed to limit the spread of the disease have had a significant impact on the Philippine economy. A high unemployment rate and generally weaker economy have led to a fall in consumer spending during 2020. Restrictions on the operations of the travel, retail and foodservice channels, key areas of consumer spending, especially for card payments, have also contributed to the decline. Both card and cash payment transactions have fallen during the year, though…

COVID-19 has impacted financial cards in a variety of ways in 2020, primarily as a result of changing consumer shopping habits in response to the virus. The most direct impact has been on total transaction value. Although the government has not mandated any ban on retail, shopping in bricks and mortar outlets has become inconvenient for many consumers thanks to tightly observed social distancing measures. At the same time, consumer anxiety about the safety of shopping in terms of infection…

The COVID-19 pandemic and the ensuing recession that followed in its wake have had a detrimental impact on consumer payments in Singapore, with both transaction volume and value declining in 2020. The drop in transaction value was in line with the 6.3% decline in GDP projected for Singapore by Euromonitor International’s Macro Model. A heavily trade-reliant country, the COVID-19 situation in Singapore’s main trading partners of China, Malaysia and the US has been a key factor in Singapore’s…

The strict measures taken to control the spread of COVID-19 in Malaysia, including a nationwide lockdown, has taken a heavy toll on the country’s economy with trade, transport and construction all being badly hit. The lockdown disproportionately hit small businesses with limited cashflow, with this impacting supply and distribution chains. After gains of 4.2% in 2019, GDP is set to decline sharply by 12.8% in 2020, with this being reflected in the weaker performance of card payment…

The strict measures taken to control the spread of COVID-19 in India, including a nationwide lockdown, has taken a heavy toll on the country’s economy with trade, transport and construction all being badly hit. The lockdown disproportionately hit small businesses with limited cashflow, with this impacting supply and distribution chains. After gains of 4.2% in 2019, GDP is set to decline sharply by 12.8% in 2020, with this being reflected in the weaker performance of card payment…

At the end of the review period a significant part of the Ukrainian population suffered from eye health problems. Many people suffered from myopia and presbyopia, not to mention the increasing number of cases of dry eye, conjunctivitis and allergies. Such eye problems stem from a number of factors, including more access to and usage of digital technologies by consumers of various ages, pollution, diabetes and the side-effects of common medications. However, eye care will not be among the…

2020 sees consumers opting more and more for packaged consumer healthcare products, including digestive remedies, instead of relying on traditional home remedies. This was in part triggered by the fear the pandemic induced, leading consumers to pay more attention to their health. Demand for digestive remedies continues to grow in 2020 due to consumers’ deteriorating quality of life, unhealthy eating habits, sedentary lifestyles, lack of physical activity and high levels of stress that all…

Sales of digestive remedies fell back sharply in 2020 as a direct result of COVID-19. As with other categories, sales suffered badly from the loss of cross border sales to mainland Chinese tourists following border closures. However, digestive remedies also suffered from a slump in domestic demand.

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Medicated shampoos and topical germicidals/antiseptics remain by far the largest categories in dermatologicals in 2020. Topical germicidals/antiseptics is expected to see the highest current retail value growth in 2020. The largest categories were also the most dynamic in the final year of the review period, as established product recognition provided a platform for expansion in line with evolving consumer attitudes. All categories saw significant growth in 2020, however, and are expected to…

Dermatologicals is expected to suffer a significant fall in 2020 as COVID-19 impacts demand. Topical allergy remedies, the largest category within this category, is expected to see a severe decline of 8% in 2020 due to the impact of lockdown. With no outdoor activities and sporting occasions, the chance of needed a topical allergy remedy, for example for a mosquito bites, is greatly reduced. Lockdown is also expected to hit cold sore remedies, which are set to fall by 9% in 2020, as the…

The debit card competitive landscape in Singapore will remain largely unchanged in 2020, with no new offerings or card benefits from major players in Singapore in response to the COVID-19 pandemic. The three largest local banks DBS Group Holdings (DBS), Oversea-Chinese Banking (OCBC Bank) and United Overseas Bank (UOB) dominate the local debit card landscape, accounting for four fifths of all debit cards in circulation.

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The decline in the number of cards in circulation has been softer in debit cards than in other categories, as the opening of new accounts for savings has partially offset the impact of the closure of accounts due to unemployment and the generally weaker economy. CIMB noted that it recorded growth in savings account openings and personal loan applications during the first three months of lockdown in the Philippines, while CIMB and BPI were amongst the banks to see deposits rise during the…

The use of debit cards was already displaying solid growth rates in terms of transactions and the rise in the number of cards in circulation towards the end of the review period in Malaysia, supported by an ongoing increase in the banked population, and a further shift towards cashless payments. The mandatory replacement of ATM cards with debit function cards by Bank Negara Malaysia (BNM) had also continued to boost the usage of debit cards prior to the emergence of the pandemic. Debit cards…