Fewer credit card holders amid tighter rules to rein in debt

Number of cards in circulation falls, but banks earning more from them on e-commerce wave

Even as mobile wallets such as GrabPay, Singtel Dash and DBS PayLah! are growing in popularity, banks are making more from credit cards. Billings totalled $5.1 billion in April this year, a jump from $5.05 billion in July last year, figures from the Mone
Even as mobile wallets such as GrabPay, Singtel Dash and DBS PayLah! are growing in popularity, banks are making more from credit cards. Billings totalled $5.1 billion in April this year, a jump from $5.05 billion in July last year, figures from the Monetary Authority of Singapore show.PHOTO: UOB

Credit cards are on the decline, a trend analysts attribute to tighter regulations to curb excessive debt and the growing use of e-payments.

But the income that banks earn from credit cards continues to rise, as seen at all three major local banks.

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A version of this article appeared in the print edition of The Straits Times on July 19, 2019, with the headline 'Fewer credit card holders amid tighter rules to rein in debt'. Subscribe