Prompt payments accounted for almost half of all transactions in Q4.
Payment performance of local firms recovered in 2017, with the annual average proportion of prompt payments rising by 4.63%, according to Singapore Commercial Credit Bureau (SCCB).
The annual average proportion of prompt payments increased from 43.77% in 2016 to 48.40% in 2017, whilst slow payments decreased from 44.71% in 2016 to 39.71% in 2017. Partial payments hit a 7-year high, increasing from 11.52% in 2016 to 11.87% in 2017.
The quarterly statistics for Q4 2017 showed that the prompt payments accounted for around half of all payment transactions.
On a year-on-year basis, prompt payments increased from 4.53% in Q4 2016 to 50.40% in Q4 2017, whilst slow payments decreased by 6.36% from 43.28% in Q4 2016 to 36.92% in Q4 2017.
Further, partial payments increased from 10.85% in Q4 2016 to 12.68% in Q4 2017.
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