Fast Market Research recommends "Emerging Opportunities in Egypt's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape" from Timetric, now available
Boston, MA -- (SBWIRE) -- 06/26/2013 -- Egypt's card industry witnessed strong growth during the review period (2008-2012). In volume terms, the overall industry recorded an impressive CAGR of 14.07%, rising from 9.1 million cards in 2008 to 15.4 million in 2012. The industry is forecast to grow at a CAGR of 6.48% over the forecast period (2013-2017), from 16.5 million cards in 2013 to 21.3 million in 2017. The prepaid cards category recorded the highest growth rate of all card categories with a CAGR of 37.55% during the review period, growing from 385,500 cards in 2008 to 1.3 million in 2012. This category is expected to register a strong CAGR of 19.16% over the forecast period, rising from 1.6 million cards in 2013 to 3.2 million in 2017. In 2012, the debit card category held the highest market share of 79.3% in terms of number of cards in circulation, followed by the credit card category with a market share of 12.3%. The prepaid cards category held the lowest market share of 8.3% in 2012.
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Key Highlights
- The number of cards in circulation in Egypt increased from 9.1 million in 2008 to 15.4 million in 2012, at a CAGR of 14.07% during the review period. The prepaid cards category is expected to record a CAGR of 19.16% over the forecast period and hold a significant market share of the unbanked population. The debit card category registered a CAGR of 14.27% during the review period, increasing from 7.2 million cards in 2008 to 12.2 million in 2012.
- Along with the growing number of internet users, online retail is gaining popularity in the country as consumers start to realize its benefits. Notably, 22.4% of internet users in the country in 2012 used e-commerce services to buy products, avail services and make bill payments.
- In order to serve the unbanked population in the country, the Central Bank of Egypt (CBE) partnered with GiroNil. GiroNil was founded in 2005 by domestic banks such as Banque MISR, Egypt Post, and Commercial International Bank (CIB) to develop and implement a shared cashless (giro) payment system. In 2010, CBE selected GiroNil to co-develop the national Automated Clearing House (ACH) system for Egypt.
- As a result of improved awareness among consumers and enhanced security measures such as EMV chip-based technology on card products, fraudulent transactions declined significantly during the review period, from EGP99.1 million (US$18.4 million) in 2008 to EGP60.0 million (US$10.0 million) in 2012. Card fraud at ATMs accounted for the highest share of total fraud in the country.
Scope
- This report provides a comprehensive analysis of Egypt's cards and payments industry
- It provides current values for Egypt's cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Egypt's cards and payments industry
- It outlines the current regulatory framework in the industry
Companies Mentioned in this Report: Banque Misr (S.A.E.), Commercial International Bank (CIB), HSBC Bank Egypt, Credit Agricole, National Societe Generale
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