Forecast: Number of Cards with a Payment Function in Saudi Arabia

The number of cards with a payment function in Saudi Arabia increased consistently from 2013 to 2019, with significant growth observed especially between 2016 and 2017 at 16.55% and 30.09% in 2021. After experiencing a dip of 14.53% in 2020, the numbers rebounded with a considerable year-on-year increase of 30.09% in 2021. By 2023, the total number of such cards stood at 36.21 million, marking an increase of 2.58% from 2022, a trend indicating stability after recovery from the 2020 downturn.

Looking forward, the forecasted data suggests a continued steady growth, with the total number of payment cards expected to reach 41.07 million units by 2028. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) is calculated to be 2.82%, while the forecasted CAGR for the period from 2024 to 2028 stands at 1.92%, indicating a slower but positive growth trajectory of 10% over the five-year forecast period.

- The rapid recovery post-2020 dip indicates resilience and potential for further technological adaptation in payment methods.

- Future trends to watch for include the adoption of digital wallets, NFC technology, and the integration of AI and blockchain for security and efficiency in payment systems, which could further influence the growth and usage patterns of payment cards in Saudi Arabia.