Forecast: Number of Payments by Cards with a Debit Function in Singapore

The number of payments by cards with a debit function in Singapore in 2023 stood at 575.51 million units. From 2013 to 2023, the market experienced substantial growth with variations each year. Over the last two years, we saw fluctuations with a year-on-year increase of 3.72% in 2023 and a slight decline of 1.01% in 2022. Over the last five years, the Compound Annual Growth Rate (CAGR) was 3.07%, highlighting a positive but decelerating trend in growth.

Looking forward, the forecasted data from 2024 to 2028 suggests a continued increase in the number of debit card payments. The five-year forecasted CAGR from 2024 to 2028 is 2.41%, projecting a steady albeit slower growth rate culminating in a 12.67% total increase over the period.

Future trends to watch for include the potential impact of emerging fintech innovations, regulatory changes, and shifts in consumer payment preferences, all of which could significantly influence the trajectory of debit card payment volumes.