The number of cards with a payment function in Indonesia has grown significantly over the past decade, reaching 406.3 million units in 2023. Year-on-year variations highlight significant fluctuations: after a sharp rise in 2017, the growth rate became more volatile with dips in 2019 and 2020. Post-2020, the market bounced back, showing steady growth over the last two years – 4.21% in 2023. The 5-year CAGR leading up to 2023 was 3.28%, and the projected CAGR for the next five years is 2.99%, resulting in a forecasted growth rate of 15.85% through 2028.
Looking ahead, the key trends to watch include the growing adoption of digital payment solutions, increased regulatory support, and advances in payment technologies. Indonesia's large unbanked population transitioning to digital financial services could further drive card usage. Additionally, partnerships between fintech firms and traditional banks will likely stimulate market expansion.