The number of cards with a credit function in Indonesia demonstrated considerable growth from 2013 to 2019, with a significant drop in 2020 attributed to various economic challenges. A strong rebound in 2021 was followed by minor declines and moderate increases leading up to 2023, where the figure stood at 18.19 million units. Year-on-year growth in 2023 was 0.9%, depicting a stabilization post-pandemic. The 5-year CAGR leading to 2023 averaged at 1.03%.
Forecasted data from 2024 to 2028 suggest a gradual upward trend, expecting a yearly average growth rate of 0.71%. By 2028, the number of cards with a credit function is projected to reach 19.09 million units, signifying a 3.58% total growth over the forecasted period.
Future trends to watch for include advancements in digital payment technologies, regulatory changes, and evolving consumer credit behavior, which may further influence the credit card market in Indonesia.