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

The value of payments by cards with a credit function in Singapore saw varied growth from 2013 to 2023, beginning at $33.98 billion and reaching $49.37 billion in 2023. The period experienced fluctuations with notable growth in certain years, such as a sharp increase of 18.03% in 2018. However, there were contraction years, such as in 2015 and recent slight declines, like in 2022 with a -2.65% variation. The recent year-on-year value variation for 2023 showed a modest increase of 2.13%. Over the last five years, the CAGR was 1.36%, indicating a relatively slow growth trajectory compared to previous years.

Future projected figures suggest continuous but moderate growth reaching $54.32 billion in 2028, with an anticipated 5-year CAGR of 1.44%. This points to a stabilized yet steady increase. Key future trends to observe include the impact of emerging digital payment platforms and potential regulatory changes on the credit card payment ecosystem in Singapore.