From 2013 to 2023, the number of cards with a cash function in Saudi Arabia demonstrated a varied growth trajectory. Beginning in 2013 with an 8.34% increase year-on-year, the trend saw significant double-digit growth in 2014 and 2016. However, growth rates diminished considerably in 2017 and 2018, followed by a notable decline in 2020. The years 2021 and 2022 experienced a resurgence and slight decline, respectively, leading up to a modest 2.66% growth in 2023, where the number of cards stood at 33.05 million units.
The compound annual growth rate (CAGR) over the past five years, ending in 2023, was 2.96%. Forecasts from 2024 to 2028 predict a steady growth, with the number of cards expected to reach 37.62 million units by 2028. The average annual growth rate is expected to be 1.98% over this period, culminating in a total five-year growth of 10.31%.
For future trends, watch for the impact of digital payment technologies and financial inclusion programs which could amplify or dampen the growth of physical cash function cards. Technological advancements and government policies promoting cashless transactions will be pivotal in shaping the market dynamics.