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

Dec 21, 2014 | 74 Pages | WinterGreen Research | Financial Services

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. 

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.

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. 
 
Tables of Contents
1 Key Facts and Top Events 2 Executive Summary 3 Payment Instruments 3.1 Current Payments Environment 3.2 Alternative Payment Instruments 3.2.1 Click2Pay 3.2.2 Skrill 3.2.3 ClickandBuy 3.2.4 PayPal 3.2.5 Payza 3.2.6 WebMoney 4 Market Attractiveness and Future Prospects of Cards and Payments 5 Analysis of Cards and Payments Industry Drivers 5.1 Demographic Drivers 5.2 Economic Drivers 5.3 Infrastructure Drivers 5.4 Business Drivers 6 Emerging Consumer Attitudes and Trends 6.1 Market Segmentation and Targeting 6.1.1 Consumer cards 6.1.2 Corporate cards 6.1.3 New product launches 6.2 Travel Spending 6.2.1 Outbound trips spending 6.2.2 Inbound trips spending 7 Payment Cards 7.1 Payment Cards Market Analysis 7.1.1 Number of cards in circulation by card type 7.1.2 Transaction volume by card type 7.1.3 Transaction value by card type 7.1.4 Personal vs commercial cards 8 Debit Cards 8.1 Debit Cards Market Analysis 8.1.1 Number of debit cards in circulation 8.1.2 Debit card transaction volume by channel 8.1.3 Debit card transaction value by channel 8.1.4 Number of debit cards in circulation by scheme 8.1.5 Debit cards transaction value by scheme 8.1.6 Debit cards issuers market shares 8.1.7 Debit card comparison 9 Credit Cards 9.1 Credit Cards Market Analysis 9.1.1 Number of credit cards in circulation 9.1.2 Credit cards transaction volume by channel 9.1.3 Credit cards transaction value by channel 9.1.4 Number of credit cards in circulation by scheme 9.1.5 Credit cards transaction value by scheme 9.1.6 Credit cards issuers market share 9.1.7 Credit card comparison 10 Commercial Cards 10.1 Commercial Cards Market Analysis 10.1.1 Number of commercial cards in circulation 10.1.2 Commercial cards transaction value 11 Regulations in the Cards and Payments Industry 11.1 Regulatory Framework 11.2 Anti-Money Laundering (AML) 11.3 Foreign Direct Investment (FDI) Regulations 12 Card Fraud Statistics 12.1 Card Fraud Analysis 13 Card Issuers 13.1 Habib Bank Ltd 13.2 National Bank of Pakistan 13.3 Bank Alfalah 13.4 United Bank Ltd 13.5 MCB Bank 14 Card Schemes 14.1 Visa 14.2 MasterCard 15 Prepaid Cards 15.1 Prepaid Cards Market Analysis 15.1.1 Number of prepaid cards in circulation 15.1.2 Prepaid cards transaction value 15.1.3 Open-loop prepaid cards 15.1.4 Closed-loop prepaid cards 15.1.5 Prepaid card comparison 16 Appendix 16.1 Tables 16.2 Methodology 16.3 Contact Timetric 16.4 About Timetric 16.5 Timetric's Services 16.6 Definitions 16.7 Disclaimer

List of Tables
Table 1: Pakistan - Key Facts, 2013 Table 2: Regional Benchmarking of Pakistan Payment Cards Instrument, 2013 Table 3: Specialized Cards for High Income Customers, 2014 Table 4: Specialized Cards for the Young Population, 2014 Table 5: Specialized Cards for the Female Population, 2014 Table 6: Specialized Cards for Business Managers and Entrepreneurs, 2014 Table 7: Pakistan - New Product Launches, 2014 Table 8: Regional Benchmarking of Pakistan Debit Cards, 2013 Table 9: Pakistan - Debit Card Comparison, 2014 Table 10: Regional Benchmarking of Pakistan Credit Cards, 2013 Table 11: Pakistan - Gold Cards Comparison Table 12: Pakistan - Premium Cards Comparison Table 13: Pakistan - Market Entry Strategies of Foreign Banks Table 14: Regional Benchmarking of Pakistan Prepaid Cards, 2013 Table 15: Pakistan - Prepaid Cards Comparison, 2014 Table 16: Pakistan - Payment Instruments Transaction Value (PKR Billion), 2009-2013 Table 17: Pakistan - Payment Instruments Transaction Value (US$ Million), 2009-2013 Table 18: Pakistan - Payment Instruments Transaction Volume (Thousand), 2009-2013 Table 19: Pakistan - Number of Cards in Circulation by Card Types (Million), 2009-2018 Table 20: Pakistan - Transaction Volume by Card Type (Million), 2009-2018 Table 21: Pakistan - Transaction Value by Card Type (PKR Billion), 2009-2018 Table 22: Pakistan - Transaction Value by Card Type (US$ Billion), 2009-2018 Table 23: Pakistan - Personal and Commercial Cards Transaction Value (PKR Billion), 2009-2018 Table 24: Pakistan - Personal and Commercial Cards Transaction Value (US$ Million), 2009-2018 Table 25: Pakistan - Number of Debit Cards in Circulation (Million), 2009-2018 Table 26: Pakistan - Debit Cards Transaction Volume and Frequency by Channel, 2009-2018 Table 27: Pakistan - Debit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 28: Pakistan - Debit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 29: Pakistan - Number of Debit Cards in Circulation By Scheme (Million), 2009-2013 Table 30: Pakistan - Debit Cards Transaction Value By Scheme (PKR Billion), 2009-2013 Table 31: Pakistan - Debit Cards Transaction Value By Scheme (US$ Billion), 2009-2013 Table 32: Pakistan - Debit Cards Transaction Value By Issuer (PKR Billion), 2009-2013 Table 33: Pakistan - Debit Cards Transaction Value By Issuer (US$ Million), 2009-2013 Table 34: Pakistan - Number of Credit Cards in Circulation (Million), 2009-2018 Table 35: Pakistan - Credit Cards Transaction Volume and Frequency by Channel, 2009-2018 Table 36: Pakistan - Credit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 37: Pakistan - Credit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 38: Pakistan - Number of Credit Cards in Circulation By Scheme (Thousand), 2009-2013 Table 39: Pakistan - Credit Cards Transaction Value By Scheme (PKR Billion), 2009-2013 Table 40: Pakistan - Credit Cards Transaction Value By Scheme (US$ Million), 2009-2013 Table 41: Pakistan - Credit Cards Transaction Value By Issuer (PKR Billion), 2009-2013 Table 42: Pakistan - Credit Cards Transaction Value By Issuer (US$ Million), 2009-2013 Table 43: Pakistan - Number of Commercial Cards in Circulation (Thousand), 2009-2018 Table 44: Pakistan - Commercial Cards Transaction Value (PKR Billion), 2009-2018 Table 45: Pakistan - Commercial Cards Transaction Value (US$ Million), 2009-2018 Table 46: Pakistan - Card Fraud (PKR Million), 2009-2013 Table 47: Pakistan - Card Fraud (US$ Thousand), 2009-2013 Table 48: Pakistan - Number of Prepaid Cards in Circulation (Thousand), 2009-2018 Table 49: Pakistan - Prepaid Cards Transaction Value (PKR Billion), 2009-2018 Table 50: Pakistan - Prepaid Cards Transaction Value (US$ Million), 2009-2018 Table 51: Pakistan - Open-Loop Prepaid Cards, 2009-2018 Table 52: Pakistan - Closed-Loop Prepaid Cards, 2009-2018 Table 53: Key Definitions



List of Figures
Figure 1: Pakistan - Payment Instruments Shares by Transaction Value (%), 2009 and 2013 Figure 2: Pakistan - Payment Instruments Shares by Transaction Volume (%), 2009 and 2013 Figure 3: Pakistan - Payment Cards Transaction Value and Growth, 2009-2018 Figure 4: Pakistan - Total Population (Million) and Proportion Over 65 (%) for 2009-2018 Figure 5: Pakistan - Nominal GDP Per Capita (US$) and Real GDP (%) for 2009-2018 Figure 6: Pakistan - Volume of ATMs and Penetration, 2009-2018 Figure 7: Pakistan - Volume of POS and Penetration, 2009-2018 Figure 8: Pakistan - E-Commerce Value (PKR Million), 2009-2018 Figure 9: Pakistan - Cards and Payments Industry Segmentation by Card Type Figure 10: Pakistan - Outbound Trips Spending (PKR Billion), 2009-2013 Figure 11: Pakistan - Inbound Trips Spending (PKR Billion), 2009-2013 Figure 12: Pakistan - Card Shares In Terms of Numbers in Circulation (%), 2009-2018 Figure 13: Pakistan - Card Shares in Terms of Transaction Volume (%), 2009-2018 Figure 14: Pakistan - Card Shares in Terms of Transaction Value (%), 2009-2018 Figure 15: Pakistan - Personal and Commercial Cards, Transaction Value (PKR Billion) 2009-2018 Figure 16: Pakistan - Number of Debit Cards in Circulation (Million), 2009-2018 Figure 17: Pakistan - Debit Card Transaction Volume by Channel (Million), 2009-2018 Figure 18: Pakistan - Debit Card Transaction Value by Channel (PKR Billion), 2009-2018 Figure 19: Pakistan - Debit Card Scheme Shares in Terms of Number of Cards in Circulation (%), 2013 Figure 20: Pakistan - Debit Card Scheme Market Share in Terms of Transaction Value (%), 2013 Figure 21: Pakistan - Debit Card Issuers' Market Shares in Terms of Transaction Value (%), 2013 Figure 22: Pakistan - Number of Credit Cards in Circulation (Million), 2009-2018 Figure 23: Pakistan - Credit Cards Transaction Volume by Channel (Million), 2009-2018 Figure 24: Pakistan - Credit Cards Transaction Value by Channel (PKR Billion), 2009-2018 Figure 25: Pakistan - Credit Cards Scheme Market Share in Terms of Number of Cards in Circulation (%), 2013 Figure 26: Pakistan - Credit Cards Scheme Market Share in Terms of Transaction Value (%), 2013 Figure 27: Pakistan - Credit Cards Issuers Market Share in Terms of Transaction Value (%), 2013 Figure 28: Pakistan - Number of Commercial Cards in Circulation (Thousand), 2009-2018 Figure 29: Pakistan - Commercial Cards Transaction Value (PKR Billion), 2009-2018 Figure 30: Pakistan - Shares of Various Types of Card Fraud in Terms of Transaction Value (%), 2009 and 2013 Figure 31: Pakistan - Number of Prepaid Cards in Circulation (Million), 2009-2018 Figure 32: Pakistan - Prepaid Cards Transaction Value (PKR Billion), 2009-2018

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