Analysis of the number of cards with a debit function in Singapore reveals an overall declining trend from 2013 to 2023. Starting at 10.91 million units in 2013, the number fluctuated around the 10 million mark, peaking at 10.99 million in 2017 before a notable drop to 9.48 million in 2018. This trend saw a mild recovery until 2021, followed by another decline to 9.54 million in 2023. Year-on-year variations show significant fluctuations, with a sharp decline in 2018 and subsequent years showing varied growth rates, indicating market volatility.
Future trends from 2024 to 2028 indicate an average yearly decrease (CAGR) of -0.6%, projecting a reduction to 9.23 million units by 2028. Notable points for future consideration include the increased adoption of digital payment systems and potential governmental and technological impacts on debit card usage.