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

The number of debit function cards in Saudi Arabia has seen significant fluctuations over the past decade. From 2013 to 2016, the market experienced a robust growth with a CAGR peaking around 11.56% in 2017. This trend stabilized from 2018 to 2019 but took a sharp dip in 2020 with a -14.44% year-on-year decrease. However, the market bounced back strongly in 2021 with a 30.22% increase, before slightly decreasing in 2022 and achieving moderate growth of 2.66% in 2023 to stand at 33.05 million units. The five-year CAGR from 2018 to 2023 was 2.96%, reflecting overall stable growth over this period.

Looking ahead, the market for debit function cards is expected to maintain a steady growth rate, with a forecasted five-year CAGR of 1.98% from 2023 to 2028. This represents an anticipated total growth of 10.31% over the same period, indicating modest yet consistent market expansion.

Future trends to watch for include increasing digital payments, the impact of regulatory changes, and technological advancements like contactless payments that could further influence the growth trajectory of debit card usage in Saudi Arabia.