The economic reforms introduced by the Pakistani government during the review period (2009-2013) had a positive impact on the countryâ€™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 countryâ€™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 ...view middle of the document...
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.
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Executive Summary :
The report provides top-level market analysis, information and insights on Pakistan's cards and payments industry, including:
â€¢ Current and forecast values for each category of Pakistan's cards and payments industry, including debit cards, credit cards and prepaid cards
â€¢ Comprehensive analysis of the industryâ€™s market attractiveness and future growth areas
â€¢ Analysis of various market drivers and regulations governing Pakistan's cards and payments industry
â€¢ Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
â€¢ Comprehensive analysis of consumer attitudes and buying preferences for cards
â€¢ The competitive landscape of Pakistan's cards and payments industry
â€¢ This report provides a comprehensive analysis of Pakistan's cards and payments industry.
â€¢ It provides current values for Pakistan's cards and payments industry for 2013, and...