Payments Landscape in Kuwait: Opportunities and Risks to 2022
GlobalDatas "Payments Landscape in Kuwait: Opportunities and Risks to 2022", report provides detailed analysis of market trends in Kuwaits 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 (2014-18e).
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 (2018-22f). It also offers information on the countrys competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
This report provides top-level market analysis, information and insights into Kuwaits cards and payments industry, including -
- Current and forecast values for each market in Kuwaits cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cheques and cards. It also, includes an overview of the countrys key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Kuwaits cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
- Banks are increasingly focusing on innovation to offer improved products and services, the latest being the introduction of biometric credit cards by National Bank of Kuwait (NBK) in partnership with Mastercard in May 2018. The credit cards can be used at existing EMV-compliant POS terminals, while the transactions made using the card are authenticated by verifying the card holders fingerprint. Furthermore, NBK and Mastercard launched the Mastercard Identity Check solution at the same time. The solution uses fingerprint, facial, and voice recognition to verify a users identity through their mobile device, eliminating the need for passwords or security questions. Earlier in May 2016, Gulf Bank launched Blinking to Bank, a mobile banking app that uses biometric verification. Users can log in to the app either by blinking their eyes at their smartphone camera and using their fingerprint, or using a traditional password. The app can be used for a range of services, including accessing personal accounts, adding and managing beneficiaries, and setting up future-dated transactions.
- Alternative payments are gradually gaining traction, with banks, schemes, and telecom operators launching their solutions in the market. In July 2017, KFH launched its digital wallet KFH Wallet, allowing Mastercard credit card and prepaid card holders to make contactless in-store payments. For secure transactions, users are required to enter a PIN or a fingerprint ID before completing the transaction. To increase its use, in June 2018 the bank partnered with Visa to allow Visa credit and prepaid cards to be added to the wallet. Similarly, Visa launched Visa Checkout in June 2017 in association with KFH, enabling consumers to make online payments securely through mobiles, tablets, and laptops. Other international alternative payments such as PayPal, Masterpass, and paysafecard are also available in Kuwait.
- Major international schemes are establishing operations in the country, boosting overall payment card market growth. UnionPay International in May 2018 signed a strategic cooperation agreement with the Shared Electronic Banking Service Company, KNET. The firms previously signed a joint cooperation deal in 2015 to connect their respective switches in order to provide UnionPay with fast entry into the countrys market. Under the terms of the cooperation agreement, KNETs point-of-sale (POS) switch system will be linked to the local commercial banks and additional POS acquirers. In addition, UnionPay contactless payment solutions such as IC Card QuickPass will be accepted at all POS terminals.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Kuwaits cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Kuwaits cards and payments industry.
- Assess the competitive dynamics in Kuwaits cards and payments industry.
- Gain insights into marketing strategies used for various card types in Kuwait.
- Gain insights into key regulations governing Kuwaits cards and payments industry.
Publisher Name : GlobalData