Wednesday, 10 February 2016

Pakistans Cards and Payments Market to 2018: Drivers, Trends & Growth Analysis By Radiant Insights

Pakistan cards and payments market has been registering strong growth in the recent past. It is expected to continue on the growth path. The number of cards circulated in 2009 was 1.5 million. It grew at a CAGR of 18% till 2013. The CAGR from 2013 to 2018 is likely to be 5.63%. Thus by 2018, about 3.6 million cards would be in circulation. The average transaction value of cards in Pakistan was USD 92 which was the ninth-largest in Asia Pacific. 

The presence of a huge untapped market will drive future growth. An increase in outbound tourism is also proving beneficial. Government of Pakistan introduced favorable economic reforms between 2009 and 2013. This has had a positive effect on the country’s GDP growth rate which went up from 2.9% in 2009 to 6% in 2013, and is anticipated to stay strong in future. A booming economy is bound to trigger higher demand for cards and payments. 

Read Complete Report with TOC: http://www.radiantinsights.com/research/pakistan-s-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies-products-and-competitive-landscape

Based on transaction value, payment cards (both credit and debit), were worth USD 18.7 billion in 2013. This was the result of exceptional CAGR (25%) from 2009 to 2013. Debit cards are the most favored payment instrument in Pakistan. They accounted for close to 95% of the total cards and payments market in the country, in terms of transaction value. This dominance is likely to continue in forthcoming years.

Debit cards are highly useful in paying utility bills and online fund transfers. They also eliminate the need to make retail cash payments. They can be used to withdraw cash. Banks are focusing on niche customer segments to increase sales of debit cards. 

United Bank Limited (UBL) pioneered the use of prepaid debit cards in Pakistan. Its Wiz cards target women, youngsters and frequent travelers. Prepaid cards are being used by the government to allocate funds to citizens as a part of its social benefits scheme. Also, UBL and Habib Bank Limited (HBL) have issued Watan cards for distributing relief funds to flood victims.

To Get Sample Copy of Report visit @ http://www.radiantinsights.com/research/pakistan-s-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies-products-and-competitive-landscape#tabs-4

Thus, although a vast proportion of the Pakistani population still uses cash as the mode of payment, cards are steadily making inroads. This may be attributed to rising awareness regarding the benefits and convenience of card payments. Innovative marketing campaigns (discounts, reward points) by banks are promoting use. Improved banking and technology infrastructure including ATMs, mobile banking applications, online payment getaways, Point of Sale (POS) terminals, etc. is facilitating growth. 

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