Key Market Indicators
Singapore's credit card transaction value is projected to reach approximately $54.3 billion by 2028, up from around $49.4 billion in 2023. This represents an annual growth rate of 1.4%. Since 2017, the demand for credit card transactions in Singapore has consistently grown at the same annual rate. In 2023, Singapore ranked 12th globally in this sector, with Mexico slightly ahead at $49.4 billion. South Korea, Japan, and Canada secured the second, third, and fourth spots, respectively. In contrast, the number of credit cards in Singapore is expected to decline slightly. By 2028, the number of credit cards is forecasted to drop to roughly 8.6 million units from about 8.8 million units in 2023, marking an average annual decrease of 0.4%. Since 2017, the supply of credit cards in the country has decreased by 0.6% annually. In 2023, Singapore ranked 15th in the number of credit cards, with Indonesia just ahead at 8.8 million units. China, Japan, and Brazil held the second, third, and fourth positions, respectively, in this ranking.
