As of 2023, Singapore had an average of 1.65 credit cards per inhabitant. Forecasted data predicts a consistent, albeit slow, increase in the number of credit cards per capita over the next five years. By 2028, this figure is expected to reach 1.69, indicating a Compound Annual Growth Rate (CAGR) of approximately 0.48% from 2024 to 2028. Year-on-year variations are minimal, suggesting a stable market with gradual growth. Specifically, from 2024 to 2025, the number of credit cards per inhabitant is projected to increase by 0.60%, with subsequent years showing similar incremental rises.
Future trends to watch for include increased digital adoption, market saturation, and evolving consumer preferences towards alternative payment methods such as digital wallets and buy-now-pay-later services, which could influence the growth trajectory of traditional credit cards.
