As of 2023, the number of cards with a debit function per inhabitant in Singapore stood at 1.68. Forecasted data indicates a gradual decline in this figure from 2024 to 2028, with values decreasing from 1.66 in 2024 to 1.59 in 2028. Year-on-year, this represents a percentage decline of about 1.2% annually. Over the last two years, the trend reflects a steady decrease with an annual average variation (CAGR) of -1.3% per year over the forecasted period.

Future Trends to Watch:

Impact of fintech innovations and mobile payment solutions replacing traditional debit card usage.
Changes in consumer behavior towards digital and contactless payments.
Regulatory developments affecting banking and payment systems.