Forecast: Value of Card Payments in South Africa

The value of card payments in South Africa has shown substantial variability over the past decade. After a dip in 2020 by 15.54% due to the pandemic, the market rebounded strongly in 2021 with a 28.64% increase. By 2023, the market stood at $76.52 billion USD, posting a modest 1.58% increase from the previous year. The compound annual growth rate (CAGR) over the last five years shows a fluctuating trend with a notable recovery post-2020, standing at 1.7% as of 2023.

Forecasts for the next five years suggest moderate growth, with the market expected to reach $82.93 billion USD by 2028, reflecting a 1.21% CAGR. The projected growth rate over these years is 6.21%, indicating steady yet slow progress.

Future trends to watch for:

• Technological advancements in card payment systems
• Increased adoption of contactless and mobile payment solutions
• Potential regulatory changes impacting the payments landscape
• Market dynamics influenced by economic and socio-political factors