Kuwait Cards and Payments Markets, Opportunities and Risks, 2016-2020e & 2024f - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Kuwait Cards and Payments - Opportunities and Risks to 2024" report has been added to ResearchAndMarkets.com's offering.

'Kuwait Cards and Payments - Opportunities and Risks to 2024' report provides detailed analysis of market trends in Kuwait's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including cards and cheques during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the publisher's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Scope

• The government and the central bank are taking steps to boost digital payments in Kuwait. To promote card payments, in February 2020 the Ministry of Finance enabled payment of government fees via cards at approximately 40 government agencies across the country. Meanwhile, to develop an integrated payment system, in January 2020 the Central Bank of Kuwait (CBK) announced plans to introduce a new payment system. This will be compatible with various electronic payment systems, including the automatic clearing system, the wage protection system, the national clearing system for payments through smart devices, and the real-time system for total settlements. The central bank plans to launch the new system in two phases in 2020 and 2021.
• Contactless payments are gaining prominence in Kuwait, with leading banks such as National Bank of Kuwait (NBK) and Boubyan Bank now issuing contactless debit and credit cards. In June 2019, Gulf Bank launched Kuwait's first Metal World Elite credit card with contactless payment functionality. Amid the COVID-19 pandemic, contactless payments are becoming a preferred payment method for low-value transactions. To further aid this trend, in March 2020, local banks coordinated with the central bank (with support from K-Net) to increase the contactless payment limit at POS terminals. The previous maximum was KWD10 ($32.98); consumers can now make payments of KWD25 ($82.44) without entering a PIN.
• Banks are focusing on alternative channels to offer banking and payment services. In June 2020, NBK introduced a mobile branch. The mobile branch includes an ATM mounted in a van, which offers cash withdrawals of up to KWD5,000 ($16,487.62) and cash deposits of up to KWD3,000 ($9,892.57). NBK also offers an interactive teller machine feature that allows customers to interact with a bank agent to perform banking transactions.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to Kuwait's cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in Kuwait's cards and payments industry.
• Assess the competitive dynamics in Kuwait's cards and payments industry.
• Gain insights into marketing strategies used for various card types in Kuwait.
• Gain insights into key regulations governing Kuwait's cards and payments industry.

Key Topics Covered:

1. Payment Instruments
2. Card-based Payments
3. E-commerce Payments
4. Alternative Payments
5. Payment Innovations
6. Payments Infrastructure & Regulation
7. Appendix

Companies Mentioned

• Ahli United Bank
• American Express
• Boubyan Bank
• Central Bank of Kuwait
• Commercial Bank of Kuwait
• Gulf Bank
• Kuwait Finance House
• Mastercard
• National Bank of Kuwait
• Visa
• Diners Club

For more information about this report visit https://www.researchandmarkets.com/r/ctojpb