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
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.
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.
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.
Reasons
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.
Spanning over 74 pages, “Pakistan's
Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers,
Strategies, Products and Competitive Landscape” report
covering the Key Facts and Top Events, Executive Summary, Payment Instruments,
Market Attractiveness and Future Prospects of Cards and Payments, Analysis of
Cards and Payments Industry Drivers, Emerging Consumer Attitudes and Trends,
Payment Cards, Debit Cards, Credit Cards, Commercial Cards, Regulations in the
Cards and Payments Industry, Card Fraud Statistics, Card Issuers, Card Schemes,
Prepaid Cards, Appendix. The report covered companies are - Habib Bank Ltd,
National Bank of Pakistan, Alfalah Bank, United Bank Ltd, MCB Bank, Allied
Bank, Askari Bank, Citibank, Standard Chartered Bank, MasterCard, Visa
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