In 2023, the share of card payments in South Africa stood at 4.04 units. Analyzing the year-on-year variations, there was a 2.17% increase from 2022 to 2023 and a forecasted 1.98% increase from 2023 to 2024. Over the last five years, the CAGR (Compound Annual Growth Rate) was 1.46%, indicating an average annual increase. Looking further ahead, the total increase from 2023 to 2028 is projected to be 7.52%, reflecting continued growth in card payments.
Future trends to watch for include the impact of technological advancements in payment systems, greater financial inclusion efforts, and potential economic shifts that could influence consumer behavior towards card payments.
