Forecast: Number of Cards with a Debit Function in Indonesia

In 2023, the number of cards with a debit function in Indonesia stood at 182.67 million units. From 2013 to 2017, the market experienced robust growth, with a significant year-on-year increase peaking at 21.81% in 2017. Post-2017, the growth rate fluctuated with notable declines in 2018 and 2020, before recovering with a 31.08% increase in 2021. Over the past five years, the compound annual growth rate (CAGR) is 3.68%, indicating moderate growth. Forecasts suggest a steady rise, projecting a 2.37% CAGR from 2024 to 2028, reaching 213.14 million units by 2028.

Future trends to watch include:

- Increasing adoption of digital payment systems which may influence debit card usage.

- Regulatory changes impacting banking and card issuance policies

- Technological advancements leading to the introduction of new card features.

- Shifts in consumer behavior towards cashless transactions, accelerated by e-commerce growth.