Key Market Indicators
Saudi Arabia's number of credit cards is projected to reach 3.45 million units by 2028, up from 3.16 million units in 2023. This marks an average annual growth rate of 1.3%. Since 2017, the country's credit card supply has risen by 1.4% annually. In 2023, Saudi Arabia ranked 19th globally in credit card supply, with Germany slightly ahead at 3.16 million units. Leading the rankings were China, Japan, and Brazil, occupying the second, third, and fourth spots respectively. Credit card transactions in Saudi Arabia are also expected to see significant growth. By 2028, transactions are forecasted to reach $11.55 billion, up from $10.16 billion in 2023, reflecting a compound annual growth rate (CAGR) of 2%. Since 2018, demand for credit card transactions has increased by 2.2% annually. In 2023, Saudi Arabia was 19th in global credit card transaction volumes, with Germany again slightly ahead at $10.16 billion. South Korea, Japan, and Canada held the second, third, and fourth positions in this ranking, respectively.
