Forecast: Number of Cards with a Payment Function in Singapore

The number of cards with a payment function in Singapore has displayed overall growth from 2013 to 2023. In 2013, the figure stood at 43.56 million units, rising to 74.88 million units by 2023. Notable growth periods include 2014 (14.41%), 2020 (7.97%), and the slower growth in 2023 (2.46%). The compound annual growth rate (CAGR) over the last five years up to 2023 was 2.67%. Forecasted data predicts continued steady growth, with the number of cards expected to reach 83.48 million units by 2028. This period anticipates a CAGR of 1.65%, with an overall growth rate of 8.51% by the end of this forecast period.

Future trends to watch for in the market could include the increasing adoption of digital payment methods and mobile wallets, advancing technologies such as contactless payments, and potential regulatory changes aimed at enhancing payment security and consumer protection.