Forecast: Number of Cards with an E-money Function in Singapore

The number of cards with an e-money function in Singapore has experienced substantial growth from 2013 to 2023, reaching 56.58 million units in 2023. The year-on-year variation in recent years reflects a general increase, with 2022 seeing a slight decline of 1.25% but followed by a 3.48% uptick in 2023. Over the past five years, the compound annual growth rate (CAGR) has stabilized around 3.72%.

Looking forward, the forecast from 2024 to 2028 suggests steady growth, with the number of e-money cards projected to rise to 65.65 million units by 2028. The five-year forecast CAGR stands at 2.28%, indicating a gradual but sustained increase in adoption.

Future trends to watch for include the potential impact of new digital payment technologies, regulatory changes, and evolving consumer preferences towards contactless and mobile payments. Additionally, the adoption of e-wallets and integration of e-money functionalities into multifunctional apps may influence the growth trajectory of physical e-money cards.