Synopsis
The economic reforms introduced by the Pakistani government
during the review period (2009-2013) had a positive impact on the country's GDP
growth rate. This rate increased from 2.8% in 2009 to 6.1% in 2013; a trend
that is expected to continue over the forecast period (2014-2018). The improved
economic conditions are expected to positively impact the country's cards and
payments industry.
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Pakistani payment cards (including debit and credit cards)
registered a positive growth during the review period, recording a compound
annual growth rate (CAGR) of 25.93%, and increasing from 9.2 million cards in
circulation in 2009 to 23.1 million by the end of 2013. In terms of transaction
value, payment cards valued PKR1.9 trillion (US$18.8 billion) in 2013, after
registering a review-period CAGR of 24.37%.
With the development of alternative delivery channels, the
launch of biometric ATMs and the availability of fund transfer facilities
online and at ATM terminals, banks are able to reach a large volume of the
population. Furthermore, the improvement in banking infrastructure, the
development of the new products, government initiatives and stable economic
conditions are all factors which led to the growth of payment cards.
While cash remains the most popular payment format among
Pakistani consumers, they are gradually making use of payment cards for
payments for purchases and utility bill payments. Rising consumer awareness of
the benefits of payment cards, government initiatives and the introduction of
innovative products and marketing campaigns by card issuers are expected to
drive consumers towards card-based payments. Banks are implementing various
marketing strategies to offer benefits to cardholders, in the form of discounts
and rewards points on card use. The government's initiative to issue Watan
Cards for the disbursement of funds to flood victims also contributed to the
growth of payment cards. Growth in retail outlets and e-commerce activities,
supported by rising POS terminals and online payment gateways, also aided the
growth. Banks are also introducing branchless banking concepts so that
customers can carry out their banking transactions via a mobile phone.
Debit cards are considered to be the most favorable mode of
payment card instrument in Pakistan. The debit card market was very strong in
2013, accounting for 94.4% of the entire cards and payment market, followed by
credit cards, with a 5.6% share in terms of transaction value. The same trend
is anticipated to follow over the forecast period. Debit cards are generally
used by customers to pay utility bills, transfer funds online, to make payments
at retail outlets and to withdraw cash. In order to offer debit cards, banks
are targeting niche segments of society.
The Pakistani prepaid card market is recording positive and
steady growth. In terms of the number of cards in circulation, the market grew
at a CAGR of 18.11%, increasing from 1.4 million in 2009 to 2.7 million in
2013. This is anticipated to record a CAGR of 5.62% over the forecast period,
with 3.5 million cards in 2018.
With a large unbanked population and outbound tourism
growth, these cards have significant growth potential over the forecast period.
UBL issued Wiz cards targeting females, the young and frequent travelers.
Furthermore, the Pakistani government has also used prepaid cards to disperse
funds among citizens as part of its social benefits scheme. The government also
issued Watan cards in association with HBL, in order to distribute relief funds
to flood affected victims.
Summary
The report provides top-level market analysis, information
and insights on Pakistan's cards and payments industry, including:
Current and forecast
values for each category of Pakistan's cards and payments industry, including
debit cards, credit cards and prepaid cards
Comprehensive
analysis of the industry's market attractiveness and future growth areas
Analysis of various
market drivers and regulations governing Pakistan's cards and payments industry
Detailed analysis of
the marketing strategies adopted for selling debit, credit and prepaid cards
used by banks and other institutions in the market
Comprehensive
analysis of consumer attitudes and buying preferences for cards
The competitive
landscape of Pakistan's cards and payments industry
Scope
This report provides
a comprehensive analysis of Pakistan's cards and payments industry.
It provides current
values for Pakistan's cards and payments industry for 2013, and forecast
figures for 2018.
It details the
different economic, infrastructural and business drivers affecting Pakistan's
cards and payments industry.
It outlines the
current regulatory framework in the industry.
It details the
marketing strategies used by various banks and other institutions.
It profiles the major
banks in Pakistan's cards and payments industry.
Reason To Buy
Make strategic
business decisions using top-level historic and forecast market data related to
Pakistan's cards and payments industry and each market within it.
Understand the key
market trends and growth opportunities within Pakistan's cards and payments
industry.
Assess the
competitive dynamics in Pakistan's cards and payments industry.
Gain insights in to
the marketing strategies used for selling various card types in Pakistan.
Gain insights into
key regulations governing Pakistan's cards and payments industry.
Key Highlights
Pakistani payment
cards (including debit and credit cards) registered a positive growth during
the review period, recording a compound annual growth rate (CAGR) of 25.93%,
and increasing from 9.2 million cards in circulation in 2009 to 23.1 million by
the end of 2013. In terms of transaction value, payment cards valued PKR1.9
trillion (US$18.8 billion) in 2013, after registering a review-period CAGR of
24.37%.
The average
transaction value (ATV) in Pakistan was US$93.0, which is the ninth-largest
among the other Asia-Pacific countries. China recorded the highest ATV, with
US$302.4, followed by Taiwan (US$251.1), Kazakhstan (US$199.7), Hong Kong
(US$184.6), Singapore (US$148.5), Thailand (US$148.2), Malaysia (US$140.1) and
Australia (US$98.9). Pakistan ranked fifteenth in terms of the card penetration
rate compared to the other Asia-Pacific countries, with 0.12 cards per
inhabitant.
Pakistan ranked
sixteenth among the other Asia-Pacific countries in the frequency of use of
payment cards, with 8.7 transactions per card. New Zealand recorded the highest
frequency, with 146.1 transactions, followed by Australia (96.6), South Korea
(44.7), Singapore (36.0), Indonesia (28.8), Hong Kong (26.3), Thailand (25.0),
Malaysia (18.1), India (17.5), Kazakhstan (14.2), Taiwan (12.4), Cambodia
(11.8), Japan (11.5), Vietnam (10.4) and the Philippines (9.9).
While cash remains
the most popular payment format among Pakistani consumers, they are gradually
making use of payment cards for payments for purchases and utility bill
payments. Rising consumer awareness of the benefits of payment cards,
government initiatives and the introduction of innovative products and
marketing campaigns by card issuers are expected to drive consumers towards
card-based payments.
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