DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/r8c4zc/luxembourgs) has announced the addition of the "Luxembourg's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape" report to their offering.
Like other EU countries, Luxembourg's economy was damaged by the 2009 global economic crisis. Following strong economic growth from 2004 onwards, Luxembourg's economic growth contracted by 5.6% in 2009, but recovered gradually from 2010 onwards. Economic turmoil in the global financial markets and lower demand during the peak of the recession prompted the government to inject capital into the financial services sector and implement stimulus measures to boost the economy.
A favorable tax regime coupled with bank-privacy legislation enabled the financial services sector, especially the banking and insurance sectors, to become the growth leader. Consequently, Luxembourg's cards and payments industry thrived during the review period (2009-2013), which is anticipated to continue over the forecast period (2014-2018).
In 2013, credit transfer was the preferred payment instrument, having a substantial industry share of 98.1%, in terms of transaction value, while payment cards accounted for just a 0.5% share. The use of cash is continuously decreasing due to a growing preference for electronic payment methods, resulting in cash's share being halved during the review period, down from 1.5% in 2009 to 0.7% in 2013.
In terms of the number of cards in circulation, Luxembourg's payment cards (including debit and credit cards) registered a positive growth during the review period, recording a significant compound annual growth rate (CAGR) of 23.14%, increasing from 992,348 cards in 2009 to 2.3 million in 2013. In terms of transaction value, payment cards valued EUR10.2 billion (US$13.5 billion) in 2013, after registering a review-period CAGR of 10.60%.
Improved banking infrastructure, new product developments, a higher awareness of electronic payments and wider acceptance of payment cards at point-of-sale (POS) terminals were the key factors driving growth. The adoption of Europay, MasterCard and Visa (EMV) standards also supported the industry's growth.
In 2013, the average transaction value (ATV) in Luxembourg was US$121.0, which was the fifth highest in the European region. Greece recorded the highest ATV, with US$227.6, followed by Switzerland (US$156.6), Italy (US$141.2) and Germany (US$131.5). However, Luxembourg recorded the region's highest card penetration of 4.43 cards per inhabitant in 2013, followed by Norway (2.73), the UK (2.48), Sweden (2.38) and Belgium (2.04).
Key Topics Covered:
1 Key Facts and Top Events
2 Executive Summary
3 Payment Instruments
4 Market Attractiveness and Future Prospects of Cards and Payments
5 Analysis of Cards and Payments Industry Drivers
6 Emerging Consumer Attitudes and Trends
7 Payment Cards
8 Debit Cards
9 Credit Cards
10 Commercial Cards
11 Regulations in the Cards and Payments Industry
12 Card Fraud Statistics
13 Card Issuers
14 Card Schemes
15 Prepaid Cards
- BGL BNP Paribas
- Banque et Caisse Depargne del' Etat Luxembourg
- Banque Internationale à Luxembourg
- Banque de Luxembourg
- ING Luxembourg
- American Express
For more information visit http://www.researchandmarkets.com/research/r8c4zc/luxembourgs