Forecast: Value of Payments by Cards with a Credit Function in Saudi Arabia

Analyzing the data for card payments with a credit function in Saudi Arabia reveals an upward trend over the years, with some fluctuations. In 2023, the value stood at 10.16 billion USD. From 2013 to 2017, there was a steady increase, peaking in 2018 at 9.12 billion USD. However, slight declines in 2019 (-0.49%) and a more significant one in 2020 (-14.47%) were observed, followed by a strong rebound in 2021 (30.18%). This positive momentum continued into 2023 with a 2.64% increase. The average annual growth rate (CAGR) for the last five years was 2.16%.

Looking forward, the forecasted data from 2024 to 2028 suggest that the value of payments will continue to rise, albeit at a modest CAGR of 1.97%. Over this period, the market is anticipated to grow by 10.22% overall, reaching a value of 11.55 billion USD by 2028.

Future trends to watch for:

• Impact of digital payment innovations and fintech adoption.
• Government policies and regulations influencing credit card usage.
• Consumer behavior shifts towards alternative payment methods.
• Economic factors affecting disposable income and credit card penetration rates.