Forecast: Value of Card Payments in Saudi Arabia

Between 2013 and 2023, the value of card payments in Saudi Arabia increased from $222.76 billion to $337.83 billion, reflecting a notable overall upward trend despite some fluctuations. The years leading up to 2020 showed consistent growth, which experienced a setback with a significant drop of -14.17% in 2020, likely impacted by the global COVID-19 pandemic. However, the market rebounded sharply in 2021 with a 30.6% rise. The growth stabilized again post-2021, with a slight dip in 2022 and a modest increase in 2023. The Compound Annual Growth Rate (CAGR) over the last 5 years stands at 3.25%. Future trends indicate a steady forecasted growth at a 5-year CAGR of 2.16%, reaching $388.82 billion by 2028.

Future trends to watch for: