Forecast: Number of Cheque Payments in Singapore

The number of cheque payments in Singapore has seen a consistent decline from 2013 to 2023, dropping from 72.23 million units to 42.74 million units. This represents a significant downward trend attributed to various factors, including the increasing adoption of digital payment methods. The year-on-year variation highlights this trend, with a notable decrease of 4.47% observed in 2023. The Compound Annual Growth Rate (CAGR) over the past five years has averaged -3.75%, reinforcing the long-term decline in cheque usage.

Future trends to watch for include:

• Continued decline with a forecasted 5-year CAGR of -4%, and a 18.45% drop expected by 2028 to 33.42 million units.
• Further adoption of digital and contactless payment methods driven by convenience and technology advancements.
• Potential regulatory or policy changes promoting cashless transactions and reducing cheque clearing infrastructure.
• Resistance by some demographic segments slowing down the decline marginally.