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Kuwaits Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Published By :

Timetric

Published Date : Aug 2014

Category :

Banking

No. of Pages : 95 Pages

Synopsis

The report provides top-level market analysis, information and insights into Kuwait\'s cards and payments industry, including:

  • Current and forecast values for each category of Kuwait\'s cards and payments industry, including debit cards, credit cards, charge cards and prepaid cards
  • Comprehensive analysis of the industry’s market attractiveness and future growth areas
  • Analysis of various market drivers and regulations governing Kuwait\'s cards and payments industry
  • Detailed analysis of the marketing strategies adopted for selling debit, credit, charge 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 Kuwait\'s cards and payments industry
Executive summary

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.

In order to target customers more precisely, banks design specialized products to meet the demands of specific target groups. The National Bank of Kuwait has developed new product strategies targeting niche segments such as women and premium customers. In partnership with Zain, a telecom company, the bank offers co-branded cards for mobile users, which give customers a free SMS for every Kuwaiti Dinar spent using the card. Upon applying for the Zain Visa Card, the cardholder also gets 100 free introductory bonus local text messages for every KWD1 (US$3.5) spent. The bank has also partnered with Diners Club to offer a co-branded card for travelers, which provides complimentary travel insurance.

The growing market for online shopping in Kuwait is one of the primary factors contributing for the rise of Kuwait’s cards and payments industry. E-commerce value increased from KWD57.3 million (US$199.1 million) in 2009 to KWD221.3 million (US$779.5 million) in 2013, at a review-period CAGR of 40.21%. The value of e-commerce is expected to record a forecast-period (2014−2018) CAGR of 23.92%. The primary reason behind Kuwait’s high online commerce value is the country’s high internet penetration rate. Internet penetration (users per 100 inhabitants) grew from 50.8 in 2009 to 84.9 in 2013, and is expected to grow over the forecast period.

Near Field Communication (NFC) technology is being increasingly adopted by payment network providers, service providers, merchants and mobile network operators in Kuwait. Visa, for example, partnered with the National Bank of Kuwait and Zain, to launch an NFC trail in October 2009. This was the first instance of NFC technology being provided in Kuwait, and offered a convenient low-value payment solution to customers. The technology is accepted by most retailers, and offers cardholders the convenience of paying for purchases using Visa PayWave terminals.

Scope

  • 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.

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 within Kuwait\'s cards and payments industry.
  • Assess the competitive dynamics in Kuwait\'s cards and payments industry.
  • Gain insights in to the marketing strategies used for selling various card types in Kuwait.
  • Gain insights into key regulations governing Kuwait\'s cards and payments industry.

Key highlights

  • 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.
  • In order to target customers more precisely, banks design specialized products to meet the demands of specific target groups. The National Bank of Kuwait has developed new product strategies targeting niche segments such as women and premium customers. In partnership with Zain, a telecom company, the bank offers co-branded cards for mobile users, which give customers a free SMS for every Kuwaiti Dinar spent using the card. Upon applying for the Zain Visa Card, the cardholder also gets 100 free introductory bonus local text messages for every KWD1 (US$3.5) spent. The bank has also partnered with Diners Club to offer a co-branded card for travelers, which provides complimentary travel insurance.
  • The growing market for online shopping in Kuwait is one of the primary factors contributing for the rise of Kuwait’s cards and payments industry. E-commerce value increased from KWD57.3 million (US$199.1 million) in 2009 to KWD221.3 million (US$779.5 million) in 2013, at a review-period CAGR of 40.21%. The value of e-commerce is expected to record a forecast-period (2014−2018) CAGR of 23.92%. The primary reason behind Kuwait’s high online commerce value is the country’s high internet penetration rate. Internet penetration (users per 100 inhabitants) grew from 50.8 in 2009 to 84.9 in 2013, and is expected to grow over the forecast period.
  • Near Field Communication (NFC) technology is being increasingly adopted by payment network providers, service providers, merchants and mobile network operators in Kuwait. Visa, for example, partnered with the National Bank of Kuwait and Zain, to launch an NFC trail in October 2009. This was the first instance of NFC technology being provided in Kuwait, and offered a convenient low-value payment solution to customers. The technology is accepted by most retailers, and offers cardholders the convenience of paying for purchases using Visa PayWave terminals.
Table of Contents

1 Executive Summary

2 Analysis of Industry Environment, Key Trends and Drivers
2.1 Payment Infrastructure and Emerging Technology
2.1.1 ATMs
2.1.2 POS terminals
2.1.3 Internet penetration
2.1.4 Contactless technology
2.1.5 EMV
2.1.6 M-payments
2.2 Business Drivers
2.2.1 Growth of e-commerce
2.2.2 Outbound travel and tourism
2.2.3 Growing retail industry
2.3 Economic Drivers
2.3.1 Nominal GDP per capita
2.3.2 Real GDP growth
2.3.3 Inflation

3 Cards and Payments Industry Share Analysis
3.1 Industry Overview
3.1.1 Checks
3.1.2 Credit transfers
3.1.3 Card transactions

4 Regulatory Framework and Card Fraud Statistics
4.1 Regulatory Framework
4.1.1 Guidelines regarding credit cards issued by local and Islamic banks
4.1.2 Anti-money laundering framework
4.1.3 Foreign direct investment (FDI) regulations
4.2 Card Fraud Statistics
4.2.1 Card-not-present fraud
4.2.2 Counterfeit card fraud
4.2.3 Lost or stolen card
4.2.4 Card ID theft

5 Emerging Consumer Attitudes and Trends
5.1 Market Segmentation and Targeting
5.1.1 Retail segment
5.1.2 Corporate segment

6 Analysis of Card Payments and Growth Prospects
6.1 Channel Share Analysis by Card Category
6.2 Size and Forecast of the Card Payments Channel
6.2.1 Analysis by volume of cards in circulation
6.2.2 Analysis by transaction value

7 Analysis of Credit Card Payments and Growth Prospects
7.1 Overall Category Size and Forecast
7.1.1 Analysis by volume of cards in circulation
7.1.2 Analysis by transaction value
7.1.3 Analysis by transaction volume
7.2 Transaction Share Analysis by Channel
7.2.1 Analysis by transaction value
7.2.2 Analysis by transaction volume
7.3 Personal Credit Cards Size and Forecast
7.3.1 Analysis by volume of cards in circulation
7.3.2 Analysis by transaction value
7.3.3 Analysis by transaction volume
7.4 Commercial Credit Cards Size and Forecast
7.4.1 Analysis by number of cards in circulation
7.4.2 Analysis by transaction value
7.4.3 Analysis by transaction volume
7.5 Competitive Landscape
7.5.1 Scheme share analysis
7.5.2 Issuer share analysis

8 Analysis of Debit Card Payments and Growth Prospects
8.1 Overall Category Size and Forecast
8.1.1 Analysis by volume of cards in circulation
8.1.2 Analysis by transaction value
8.1.3 Analysis by transaction volume
8.2 Transaction Share Analysis by Channel
8.2.1 Analysis by transaction value
8.2.2 Analysis by transaction volume
8.3 Competitive Landscape
8.3.1 Scheme share analysis
8.3.2 Issuer share analysis

9 Analysis of Charge Card Payments and Growth Prospects
9.1 Overall Category Size and Forecast
9.1.1 Analysis by volume of cards in circulation
9.1.2 Analysis by transaction value
9.1.3 Analysis by transaction volume
9.2 Transaction Share Analysis by Channel
9.2.1 Analysis by transaction value
9.2.2 Analysis by transaction volume
9.3 Personal Charge Cards Size and Forecast
9.3.1 Analysis by number of cards in circulation
9.3.2 Analysis by transaction value
9.3.3 Analysis by transaction volume
9.4 Commercial Charge Cards Size and Forecast
9.4.1 Analysis by volume of cards in circulation
9.4.2 Analysis by transaction value
9.4.3 Analysis by transaction volume
9.5 Competitive Landscape
9.5.1 Scheme share analysis

10 Analysis of Prepaid Card Payments and Growth Prospects
10.1 Overall Category Size and Forecast
10.1.1 Analysis by volume of cards in circulation
10.1.2 Analysis by transaction value
10.2 Open-Loop Prepaid Cards Segment Size and Forecast
10.2.1 Analysis by number of cards in circulation
10.2.2 Analysis by transaction value
10.3 Closed-Loop Prepaid Cards Segment Size and Forecast
10.3.1 Analysis by volume of cards in circulation
10.3.2 Analysis by transaction value

11 Merchant Acquiring

12 Company Profiles of Card Issuers
12.1 Kuwait Finance House
12.1.1 Key financials
12.1.2 Card portfolio
12.1.3 Strategies
12.2 National Bank of Kuwait
12.2.1 Key financials
12.2.2 Card portfolio
12.2.3 Strategies
12.3 Commercial Bank of Kuwait
12.3.1 Key financials
12.3.2 Card portfolio
12.3.3 Strategies
12.4 Gulf Bank
12.4.1 Key financials
12.4.2 Card portfolio
12.4.3 Strategies
12.5 Ahli United Bank Kuwait
12.5.1 Key financials
12.5.2 Card portfolio
12.5.3 Strategies

13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 Timetric
13.4 Timetric’s Services
13.5 Definitions
13.6 Disclaimer

List of Table

Table 1: Kuwaiti Payment Channels (KWD Billion), 2009–2013
Table 2: Market Entry Strategies of Foreign Banks in Kuwait
Table 3: Kuwaiti Card Fraud Value (KWD Thousand), 2009–2013
Table 4: Cards for Premium Customers, 2014
Table 5: Cards for Frequent Travelers, 2014
Table 6: Cards for Frequent Travelers, 2014
Table 7: Kuwaiti Card Payments Channel by Card Category in Terms of Volume of Cards (Thousand), 2009–2018
Table 8: Kuwaiti Card Payments Channel Size by Volume of Cards (Million), 2009–2018
Table 9: Kuwaiti Card Payments Channel Size by Transaction Value (KWD Billion), 2009–2018
Table 10: Kuwaiti Card Payments Channel Size by Transaction Value (US$ Billion), 2009–2018
Table 11: Kuwaiti Credit Cards Category Size by Volume of Cards (Thousand), 2009–2018
Table 12: Kuwaiti Credit Cards Category Size by Transaction Value (KWD Million), 2009–2018
Table 13: Kuwaiti Credit Cards Category Size by Transaction Value (US$ Billion), 2009–2018
Table 14: Kuwaiti Credit Card Category Size by Transactions Volume (Million), 2009–2018
Table 15: Kuwaiti Personal Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 16: Kuwaiti Personal Credit Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Table 17: Kuwaiti Personal Credit Cards Segment Size by Transaction Value (US$ Billion), 2009–2018
Table 18: Kuwaiti Personal Credit Cards Segment Size by Transactions Volume (Million), 2009–2018
Table 19: Kuwaiti Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 20: Kuwaiti Commercial Credit Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Table 21: Kuwaiti Commercial Credit Cards Segment Size by Transaction Value (US$ Million), 2009–2018
Table 22: Kuwaiti Commercial Credit Cards Segment Size by Transactions Volume (Thousand), 2009–2018
Table 23: Kuwaiti Debit Cards Category Size by Volume of Cards (Thousand), 2009–2018
Table 24: Kuwaiti Debit Cards Category Size by Transaction Value (KWD Billion), 2009–2018
Table 25: Kuwaiti Debit Cards Category Size by Transaction Value (US$ Billion), 2009–2018
Table 26: Kuwaiti Debit Cards Category Size by Transactions Volume (Million), 2009–2018
Table 27: Kuwaiti Charge Cards Category Size by Volume of Cards (Thousand), 2009–2018
Table 28: Kuwaiti Charge Cards Category Size by Transaction Value (KWD Million), 2009–2018
Table 29: Kuwaiti Charge Cards Category Size by Transaction Value (US$ Million), 2009–2018
Table 30: Kuwaiti Charge Cards Category Size by Transactions Volume (Thousand), 2009–2018
Table 31: Kuwaiti Personal Charge Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 32: Kuwaiti Personal Charge Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Table 33: Kuwaiti Personal Charge Cards Segment Size by Transaction Value (US$ Million), 2009–2018
Table 34: Kuwaiti Personal Charge Cards Segment Size by Transactions Volume (Thousand), 2009–2018
Table 35: Kuwaiti Commercial Charge Cards Segment Size by Volume of Cards, 2009–2018
Table 36: Kuwaiti Commercial Charge Cards Segment Size by Transaction Value (KWD Thousand), 2009–2018
Table 37: Kuwaiti Commercial Charge Cards Segment Size by Transaction Value (US$ Million), 2009–2018
Table 38: Kuwaiti Commercial Charge Cards Segment Size by Transactions Volume (Thousand), 2009–2018
Table 39: Kuwaiti Prepaid Cards Category Size by Volume of Cards (Thousand), 2009–2018
Table 40: Kuwaiti Prepaid Cards Category Size by Transaction Value (KWD Million), 2009–2018
Table 41: Kuwaiti Prepaid Cards Category Size by Transaction Value (US$ Million), 2009–2018
Table 42: Kuwaiti Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 43: Kuwaiti Open-Loop Prepaid Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Table 44: Kuwaiti Open-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2009–2018
Table 45: Kuwaiti Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 46: Kuwaiti Closed-Loop Prepaid Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Table 47: Kuwaiti Closed-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2009–2018
Table 48: Kuwait Finance House – Key Financial Indicators (KWD Billion), Years Ended December 2012 and 2013
Table 49: Kuwait Finance House – Card Product Offerings and Key Features
Table 50: NBK – Key Financial Indicators (KWD Million), Years Ended December 2012 and 2013
Table 51: NBK – Card Product Offerings and Key Features
Table 52: Commercial Bank of Kuwait – Key Financial Indicators (KWD Million), Years Ended December 2012 and 2013
Table 53: Commercial Bank of Kuwait – Card Product Offerings and Key Features
Table 54: Gulf Bank – Key Financial Indicators (KWD Million), Year Ended December 2012 and 2013
Table 55: Gulf Bank – Card Product Offerings and Key Features
Table 56: Ahli United Bank Kuwait– Key Financial Indicators (KWD Million), Years Ended December 2012 and 2013
Table 57: Ahli United Bank – Card Product Offerings and Key Features
Table 58: Key Definitions

List of Chart

Figure 1: Benchmarking the Kuwaiti Card Payments Channel Against Other Key Middle East and African Markets
Figure 2: Kuwait – Growth of Various Card Categories (%), 2009–2018
Figure 3: Kuwaiti ATM Penetration, 2009–2018
Figure 4: Kuwaiti POS Terminals Penetration, 2009–2018
Figure 5: Kuwaiti Internet Penetration (Internet Users per 100 Inhabitants), 2009–2018
Figure 6: Kuwaiti M-Payment Value (KWD Million), 2009–2018
Figure 7: Kuwaiti E-Commerce Value (KWD Million), 2009–2018
Figure 8: Kuwaiti Outbound Tourist Spending (KWD Billion), 2009–2013
Figure 9: Retail Sales Value in Kuwait (KWD Billion), 2009–2018
Figure 10: Kuwaiti Nominal GDP Per Capita (US$ Thousand), 2009–2018
Figure 11: Kuwaiti Real GDP Growth Rate (%), 2009–2018
Figure 12: Kuwaiti Inflation (Consumer Price Inflation) Rate, 2009–2018
Figure 13: Share of Kuwaiti Payment Channels in Terms of Transaction Value (%), 2009 and 2013
Figure 14: Shares of Various Types of Card Fraud in Terms of Transaction Value in Kuwait (%), 2009 and 2013
Figure 15: Kuwaiti Card-Not-Present Fraud Value (KWD Million), 2009–2013
Figure 16: Kuwaiti Counterfeit Card Fraud Value (KWD Thousand), 2009–2013
Figure 17: Kuwaiti Lost or Stolen Card Fraud Value (KWD Thousand), 2009–2013
Figure 18: Kuwaiti Card ID Theft Value (KWD Thousand), 2009–2013
Figure 19: Kuwaiti Cards and Payments Industry Segmentation by Card Type, 2014
Figure 20: Kuwaiti Card Payments Channel by Card Category in Terms of Volume of Cards (%), 2009–2018
Figure 21: Kuwaiti Card Payments Channel Size by Volume of Cards (Million), 2009–2018
Figure 22: Kuwaiti Card Payments Channel Size by Transaction Value (KWD Billion), 2009–2018
Figure 23: Kuwaiti Credit Cards Volume and Penetration, 2009–2018
Figure 24: Kuwaiti Credit Cards Category Size by Volume of Cards (Thousand), 2009–2018
Figure 25: Kuwaiti Credit Cards Category Size by Transaction Value (KWD Million), 2009–2018
Figure 26: Kuwaiti Card Category Size by Transactions Volume (Million), 2009–2018
Figure 27: Kuwaiti Credit Card Transactions Value by Channel (KWD Million), 2009–2018
Figure 28: Kuwaiti Credit Card Transactions Volume by Channel (Million), 2009–2018
Figure 29: Kuwaiti Personal Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 30: Kuwaiti Personal Credit Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Figure 31: Kuwaiti Personal Credit Cards Segment Size by Transactions Volume (Million), 2009–2018
Figure 32: Kuwaiti Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 33: Kuwaiti Commercial Credit Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Figure 34: Kuwaiti Commercial Credit Cards Segment Size by Transactions Volume (Thousand), 2009–2018
Figure 35: Kuwaiti Credit Cards Schemes Shares in Terms of Transaction Value (%), 2013
Figure 36: Kuwaiti Credit Cards Issuers Shares in Terms of Transaction Value (%), 2013
Figure 37: Kuwaiti Debit Cards Category Volume and Penetration, 2009–2018
Figure 38: Kuwaiti Debit Card Category Size by Volume of Cards (Million), 2009–2018
Figure 39: Kuwaiti Debit Cards Category Size by Transaction Value (KWD Billion), 2009–2018
Figure 40: Kuwaiti Debit Cards Category Size by Transactions Volume (Million), 2009–2018
Figure 41: Kuwaiti Debit Cards Category Transactions Value by Channel (KWD Billion), 2009–2018
Figure 42: Kuwaiti Debit Card Transactions Volume by Channel (Million), 2009–2018
Figure 43: Kuwaiti Debit Cards Category Schemes Shares in Terms of Transaction Value (%), 2013
Figure 44: Kuwaiti Debit Cards Issuers Shares in Terms of Transaction Value (%), 2013
Figure 45: Kuwaiti Charge Cards Category Volume and Penetration, 2009–2018
Figure 46: Kuwaiti Charge Card Category Size by Volume of Cards (Thousand), 2009–2018
Figure 47: Kuwaiti Charge Cards Category Size by Transaction Value (KWD Million), 2009–2018
Figure 48: Kuwaiti Charge Cards Category Size by Transactions Volume (Thousand), 2009–2018
Figure 49: Kuwaiti Charge Card Transactions Value by Channel (KWD Million), 2009–2018
Figure 50: Kuwaiti Charge Card Transactions Volume by Channel (Thousand), 2009–2018
Figure 51: Kuwaiti Personal Charge Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 52: Kuwaiti Personal Charge Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Figure 53: Kuwaiti Personal Charge Cards Segment Size by Transactions Volume (Thousand), 2009–2018
Figure 54: Kuwaiti Commercial Charge Cards Segment Size by Volume of Cards, 2009–2018
Figure 55: Kuwaiti Commercial Charge Cards Segment Size by Transaction Value (KWD Thousand), 2009–2018
Figure 56: Kuwaiti Commercial Charge Cards Segment Size by Transaction Volume (Thousand), 2009–2018
Figure 57: Kuwaiti Charge Cards Category Schemes Shares in Terms of Transaction Value (%), 2013
Figure 58: Kuwaiti Prepaid Cards Category Volume and Penetration, 2009–2018
Figure 59: Kuwaiti Prepaid Cards Category Size by Volume of Cards (Thousand), 2009–2018
Figure 60: Kuwaiti Prepaid Cards Category Size by Transaction Value (KWD Million), 2009–2018
Figure 61: Kuwaiti Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 62: Kuwaiti Open-Loop Prepaid Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Figure 63: Kuwaiti Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 64: Kuwaiti Closed-Loop Prepaid Cards Segment Size by Transaction Value (KWD Million), 2009–2018
Figure 65: Market Shares of Key Acquirers’ POS Terminals in Kuwait (%), 2013

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