Forecast: Value of Payment Transactions in Singapore

The value of payment transactions in Singapore showed various fluctuations over the years 2013 to 2023, standing at 925.64 billion US Dollars in 2023. The annual year-on-year variations indicate overall growth and contractions, such as a peak contraction in 2015 at -5.06% and a robust growth in 2020 at 6.37%. The last two years saw a year-on-year variation of -3.6% in 2022 and a slight recovery of 1.19% in 2023. The average growth rate (CAGR) over the last five years was 1.27%.

Forecasts for 2024 to 2028 show a consistent upward trend with a projected value of 978.56 billion US Dollars by 2028. The forecasted annual growth rate is moderate, with an average CAGR of 0.81%. Future trends to monitor include the impact of digital payment innovations, regulatory changes, and economic shifts on the payment transaction landscape. The anticipated incremental growth reflects a stable yet cautious optimism for market expansion.