Forecast: Number of Payments by Cards with a Credit Function in Singapore

In 2023, the number of payments by cards with a credit function in Singapore stood at 564.57 million units. Over the past decade, the market has exhibited substantial growth with notable year-on-year increases, particularly between 2014 and 2018 where growth rates often hovered around or above 10%. However, fluctuations have been observed; 2019 saw a slight dip, with more stable but modest growth in recent years, including a slight decline in 2022 followed by a recovery in 2023.

From 2024 onwards, forecasted data suggests a continued upward trajectory with an estimated 5-year CAGR of 2.14%, leading to 649.57 million units by 2028. This indicates a steady, albeit slower, growth rate compared to previous high growth years.

Future Trends to Watch For:

• Technological innovations in payment methods may impact growth rates.
• Regulatory changes influencing credit card usage patterns.
• Economic conditions which can affect consumer spending behavior and credit usage.