Forecast: Number of Payment Transactions by Non-banks in Singapore

The number of payment transactions by non-banks in Singapore has shown steady growth from 2013 to 2023, standing at 5.16 billion units in 2023. The year-on-year variation has fluctuated, peaking in 2020 with an 8.02% increase and showing a minor decline in 2022 with a -2.28% decrease. Over the last two years, a recovery pattern is evident with an increase of 2.49% in 2023. Analyzing the Compound Annual Growth Rate (CAGR) over the last 5 years, it averaged 2.75%, indicating moderate but consistent growth in recent years.

Future trends suggest a continued ascent with forecasted values projecting 5.76 billion units by 2028, resulting in an anticipated 5-year CAGR of 1.67%. Key insights for the future revolve around advancements in fintech, increased adoption of digital payment solutions, and regulatory changes that could further influence the payment ecosystem.