Between 2013 and 2023, the number of cards with a credit function in Saudi Arabia experienced fluctuations. Significant dips occurred in 2014 and 2020, with declines of 3.5% and 15.42% respectively. Positive growth was dominant, particularly in 2015 and 2021, where year-on-year variations were 23.93% and 28.83%. As of 2023, the volume reached 3.16 million units.
Over the last two years, growth was relatively flat with a minor decline of 3.08% in 2022, followed by a slight increase of 1.7% in 2023. The five-year CAGR leading up to 2023 stood at 1.41%.
Looking forward, the 2024-2028 period is forecasted to have an annual growth rate of 1.3% on average, with an estimated total growth of 6.7%. By 2028, the number of cards with a credit function is anticipated to reach 3.45 million units.
Future trends to watch for include the potential impact of digital wallets on credit card usage, regulatory changes affecting the financial sector, and consumer behavior shifts towards online and mobile payment solutions.