Forecast: Number of Cards with a Payment Function in South Africa

In South Africa, the number of cards with a payment function has demonstrated a general decline over the past decade. Standing at 41.79 million units in 2023, the market saw significant year-on-year fluctuations, particularly sharp declines post-2015, due to various market dynamics and economic conditions.

From 2024 onwards, forecasts indicate a continuation of this downward trend. More specifically, we project a compounded annual growth rate (CAGR) of -4.22% over the next five years, with the number of cards expected to decline by 19.38% by 2028, reaching 32.04 million units.

Future trends to watch for:

• Further penetration of digital payment solutions and their impact on card-based transactions.
• Evolving consumer behavior towards non-traditional payment methods, such as mobile wallets and cryptocurrencies.
• Regulatory changes and innovations in fintech that might affect the card payment landscape.
• Possible economic fluctuations and their impact on consumer spending habits and banking sector trends.