The Kuwaiti card payments channel grew strongly in terms of transaction value during the review period (2009−2013). The card payments channel valued KWD16.0 billion (US$56.4 billion) in 2013, after registering a compound annual growth rate (CAGR) of 12.02%. Improved banking infrastructure and the increased installation of point of sale (POS) terminals in merchant outlets were the channel’s key growth factors. In terms of transaction value, debit cards accounted for a channel share of 60.0% in 2013, and situation which is expected to be maintained over the forecast period.
Due to the emergence of contactless payment systems, enhanced security features and the convenience of electronic payments, Kuwait’s population has been encouraged to perform more card-based transactions. In 2013, the 3D password feature was added to credit cards by Ahli United Bank Kuwait, and helped to increase customer confidence for card-based transactions. To promote debit card usage, an integrated POS service is being installed across all Gulf Cooperation Council (GCC) countries.
This report provides a comprehensive analysis of Kuwait's cards and payments industry.It provides current values for Kuwait's cards and payments industry for 2013, and forecast figures for 2018.It details the different economic, infrastructural and business drivers affecting Kuwait'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 Kuwait's cards and payments industry.
Table of Contents
1 Executive Summary
2 Analysis of Industry Environment, Key Trends and Drivers2.1 Payment Infrastructure and Emerging Technology2.1.1 ATMs2.1.2 POS terminals2.1.3 Internet penetration2.1.4 Contactless technology2.1.5 EMV2.1.6 M-payments2.2 Business Drivers2.2.1 Growth of e-commerce2.2.2 Outbound travel and tourism2.2.3 Growing retail industry2.3 Economic Drivers2.3.1 Nominal GDP per capita2.3.2 Real GDP growth2.3.3 Inflation
3 Cards and Payments Industry Share Analysis3.1 Industry Overview3.1.1 Checks3.1.2 Credit transfers3.1.3 Card transactions
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