Forecast: Number of Card Payments in Singapore

Over the past decade, the number of card payments in Singapore has shown a strong upward trend. From 2013 to 2023, the volume of card payments rose from 509.29 million units to 938.64 million units. The rate of growth initially exhibited double-digit year-on-year variations in the early years, such as 14.08% in 2014 and 13.91% in 2016. This growth rate has gradually decreased over time, more recently showing year-on-year variations of 4.09% in 2022 and 3.85% in 2023. The Compound Annual Growth Rate (CAGR) over the last 5 years leading up to 2023 was 4.38%.

Looking forward, the forecast indicates a continued increase in the volume of card payments, predicting it will reach 1100 million units by 2028. This represents a forecasted 5-year CAGR of 2.54%, suggesting a slower yet consistent growth. The overall forecast 5-year growth rate is expected to be 13.34%.

Future trends to watch include the impact of digital payment technologies and fintech innovations on card payment volumes, as well as regulatory changes and consumer behavior shifts that could influence the rate of card payment adoption in Singapore.